Ann: 2021 Annual General Meeting, page-12

So Coal price now approx. US$ 400 fob DBCT; US$ 610 cfr Jintang.
So let us go total Low Ball and say US$ 200 fob Bankuang. FOB cost US$ 100.
Profit per tonne US$ 100
Production 2022 1,000,000 and not 1,600,000 per last report.
BBM profit US$ 100,000,000.
60% to CKA = $60,000,000
40% BBM owe us $30,000,000
Total to Cokal === USD 90,000,000
AUD: 122,000,000
So This is JUST 2022. Market Cap $164,000,000.
Now just put some optimistic figures for production Say 1,600,000 tonnes. or sale price US$ 300
You will come up with figures that make current share price just look strange.
AUD 264,000,000 for just 2022.
Maybe try PE 3 === AUD 792
Divide by a billion shares. === 79.2 cents.