Higher Coal Prices Boost New Hope FVE 11% to AUD 2.00 per Share
We raise our fair value estimate for no-moat-rated New Hope to AUD 2.00 per share from AUD 1.80 previously. The upgrade is entirely due to higher near-term earnings forecasts from continued thermal coal price strength. However, we don’t expect the strength to last as winter curtailments unwind and China’s domestic production recovers. We also expect economic growth and demand for coal in China to soften.Our calendar 2018 thermal coal forecast rises 19% to USD 75 per tonne. This drives a 5% incr...
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