Market Pricing Whitehaven Shares for Peak Cycle Conditions to Continue
We raise our fair value estimate for no-moat-rated Whitehaven Coal to AUD 1.90 per share from AUD 1.40 per share previously. The increase solely reflects higher near-term earnings forecasts. Strong second-half 2017 thermal and coking coal prices have continued into 2018. Short-term commodity prices have fared better than we expected due to continued strong growth in China and disruptions to the supply of thermal coal, coking, and steel, which have buoyed prices and producer margins. However, we ...
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