New Hope is a financially conservative, relatively low operating cost coal miner, but lacks a moat.
No-moat New Hope’s fiscal 2018 adjusted net profit guidance of AUD 248 million-AUD 253 million is slightly above our prior forecast of AUD 241 million. The marginally stronger guidance reflects a buoyant end to the year. Fourth-quarter fiscal 2018 coal sales of 2.5 million tonnes were up 5.4% on a year ago. Full-year coal sales volumes of 8.9 million tonnes were 3% above our prior forecast. We had already factored in the higher realised coal price in our August update. The higher thermal coal pr...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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