The truly disturbing thing!, page-2

Thanks for this Viney.

It seems that SMR is the closest proxy for BRL. Similar market caps, similar attributable sales of about NZ$220 million.
BRL's attributable EBITDA is 2 times that of SMR...but then BRL also has at least 9 months of cash flow due to be taken out by the court case, so maybe we are even on the EBIDTA metric. However, SMR says they will double sales to 3.5 million tons this year. BRL is not going to do any such thing. Moreover, SMR is in friendly Australia, while BRL is in the cursed land of Jacindeath.
In short, maybe there is a method in the pricing madness. So for BRL to go up, SMR has to lead the way higher...and BRL goes along on the coat tails of SMR!

One thing is clear: these coal stocks are easily the best investments out there. Both met coal and thermal coal are set to go higher...much higher. So both SMR and BRL earnings forecasts are too low...their multiples are too low, and therefore both are far cheaper than any other commodity or non-commodity stock out there.