Higher prices drove the earnings recovery in fiscal 2017, but we don't think they can last.
We maintain our AUD 1.40 per share fair value estimate for no-moat Whitehaven Coal. The fiscal 2017 result was strong with adjusted earnings of AUD 0.37 per share nearly up 20 times from a year ago. A nearly 50% increase in the average realised coal price to AUD 104 per tonne, net of government royalties, was the primary driver. Equity coal sales volumes rose just 2% to 15.8 million tonnes. The company is also benefiting from a mix shift towards higher-priced metallurgical coal as the Maules Cre...
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