Approvals looking likely for Acland and Lenton, but the high coal price sees New Hope overvalued.
We raise our fair value estimate for no-moat-rated New Hope by 19% to AUD 3.20 per share from AUD 2.70 previously. Despite the increase, the shares remain overvalued with the market factoring in higher coal prices than we think are likely. The current share price around AUD 3.90 is of the buoyant coal price, thanks to strong global economic growth and production restrictions in China, which we think will unwind.The increase in our fair value estimate reflects three key changes. After further re...
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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