Market Now Pricing Whitehaven as if it Has a Moat
We raise our fair value estimate for no-moat-rated Whitehaven Coal to AUD 2.40 from AUD 1.90 per share. The increase reflects higher near-term coal prices for Whitehaven. We now expect Whitehaven to receive on average a coal price of AUD 104 per tonne for our five-year forecast period, versus AUD 93 per tonne previously. This is 17% ahead of Whitehaven’s historical average for the five years ended fiscal 2017 of AUD 89 per tonne, reflecting the high near-term coal prices, the increased proportio...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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