New Hope’s Fiscal 2018 Profit Benefits From High Coal Price; Shares Overvalued
New Hope’s fiscal 2018 adjusted net profit after tax nearly doubled to AUD 253 million, in line with last week’s profit guidance and our forecast. The higher coal price was the key driver, averaging AUD 119 per tonne in fiscal 2018, up 23% from AUD 89 per tonne in fiscal 2017. Full-year coal sales volumes of 8.9 million tonnes came in just 3.8% ahead of last year, thanks to incremental improvement at Bengalla. Adjusted EBITDA rose 60% to AUD 447 million, with higher prices adding AUD 165 million...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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