Maintain Whitehaven AUD 1.00 Fair Value Estimate Despite Spot Coking Coal's Rapid Rise and Retreat
We maintain our AUD 1.00 fair value estimate for Whitehaven Coal. Second-quarter fiscal 2017 production was as expected while the rapid decline in the spot metallurgical coal is in line with our view that the price rally lacks fundamental support. The spot price for premium hard coking coal is below USD 190 per tonne from above USD 300 per tonne in late 2016. Increased supply from China is exposing the rally’s lack of sustainability.The semisoft coking coal price settled at USD 171 per tonne fo...
Whitehaven Coal is principally engaged in the development and operation of coal mines in New South Wales. Co. has two reportable segments: Open Cut Operations and Underground Operations. Mining operations include Maules Creek open cut mine (75% Co. ownership and operator); Narrabri underground mine (70% Co. ownership and operator); and three smaller open cuts mines, Tarrawonga (70% Co. ownership and operator), Rocglen (100% Co. ownership) and Werris Creek (100% Co. ownership).
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