Alpha Metallurgical Resources: Cyclical Opportunity, India-Linked Demand Tailwinds

Alpha Metallurgical Resources (AMR) is the leading US producer of premium coking coal, with a strong export orientation and virtually debt-free. AMR exported around ~39% to India over last five years, while India also emerging as an important demand source for metallurgical coal with over 85% percent procured by imports. AMR has significantly reduced its sharecount, by ~30% post buyback start program, returning significant amounts via buybacks while also increasing the earnings attributable to holding shareholders.