Market not Pricing for Likely Weaker Coal Demand
We maintain our AUD 1.40 per share fair value estimate for no-moat-rated Whitehaven Coal. Our fair value estimate is approximately half the prevailing share price, primarily reflecting our lower long-term commodity price assumptions of $80 per metric ton for coking coal and $55 per metric ton for thermal coal. Though the coking coal price has retreated meaningfully from highs in excess of $300 per metric ton with the recovery in supply from Cyclone Debbie, it remains elevated due to this year’s ...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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