I think a catalyst for a rerating here will be when the higher coal prices result in a return to consistently high fully franked dividends. It's always going to suffer from the negative perception around coal stocks but a 7 to 8 percent fully franked yield around the current price (which is achievable if they pay between 8 and 10 cents for the year) will be too hard for a lot of people to ignore.
Will New Hope make money?, page-138
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