New Hope is a financially conservative, relatively low operating cost coal miner, but lacks a moat.
We have reviewed our near-term commodity price forecasts following the actual prices for the June quarter for 2018 and raised our price forecasts for thermal coal. With the near-term upgrades, our fair value estimate for New Hope Corporation increases by 14% to AUD 2.40 per share from AUD 2.10 per share. Similarly, for Whitehaven Coal we increase our fair value estimate by 21% to AUD 2.90 per share from AUD 2.40 previously. The recent appreciation of the thermal coal price, trading above cost cu...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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