Ann: July 2021 Coal Sales Update, page-60

@w1londongroup don't forget there was substantial dilution between 2018 and now - shares on issue in 2018 was 377M, whereas post the acquisition of UNV it is 753M shares on issue. So previously when TER hit 75c in in Sept/Oct 2018 (I don't remember well, I was at Ocktober Fest in Germany ) that would have given a market cap of around $282M, a market cap of $282M right now would equate to a share price of only 38c - this is because of the dilution.

That said it will be valued on the same EBITDA, or EV, or FCF multiples once the debt is sorted - and with Newcastle 6,000kcal coal currently at USD$160/t compared to USD$118/t back in 2018, TER could obviously shoot well over a $282M market capitalisation...

I am struggling a bit to get any decent information on 5,500kcal pricing - a bit of info in the YAL reporting... Would be good for TER to publish the discount to Newcastle benchmark in the full year report...