Another Acland Hurdle Cleared Is a Modest Positive for New Hope
We are raising our fair value estimate for no-moat New Hope Corporation to AUD 2.10 per share from AUD 2.00 per share. The increase reflects higher near-term earnings due to the favourable near-term thermal coal price. The contract thermal coal price for the year ended March 2019 recently settled at $85 per metric ton versus our prior forecast of $75 per metric ton. We expect stable coal prices in fiscal 2019 before declining longer term. We now forecast earnings of AUD 0.27 per share in fiscal ...New Hope operates four reportable segments: Coal mining in Queensland (including mining related exploration, development, production, processing, transportation, port operations and marketing); Coal mining in New South Wales (including mining production, processing, transportation and marketing); Oil and gas (including oil and gas related exploration, development, production and processing); and Treasury and investments (including cash, held to maturity investments and available for sale financial assets).
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