Target 3.61, page-79

Can someone please explain why CRN is getting severely undervalued compared to its coal counterparts? NHC for instance produces/sells less than half of what CRN does on an annual basis and announced their quarterly results a few days back (which was terrible - 20% reduction in production compared to CRN which did amazingly well), but its market cap is roughly 90% of CRN (3.17B vs 3.45B). Moreover, CRN focuses solely on Met coal compared to thermal, which is selling at a discount compared to Met. I feel like the stock should easily be valued 85-95% of WHC's market cap (5.32B) at a minimum.

Even in the past month, WHC, NHC, YAL have all gone up approximately 7-9%, yet CRN is down 13% in the same time-period. I understand the merger news took a hit on the share price, but I don't feel like the price ever rose because of that rumour to begin with. Even with the release of the quarterly dividends, the price never went up to account for the $0.11USD dividends, but it sure went down on ex-dividend. This stock should easily be close to $3, but the market just doesn't seem to value this company properly. Let me know if I am missing something important - really frustrating.