Target $9.36, page-1616

I can see where you get your optimism from.

I was just looking at a coal price chart. The price of coal kept rising the whole quarter to 30 June from around US$340 to US$390. It has since spent the whole of July so far above US$400.

So, with the lagging effect of contracts and the coal price and production rising, then the current quarter will be significantly stronger than the last. If you say the average for last quarter was US$370, then we would currently be beating that by say US$30.

This would lift free cash flow to over $1.5bn. Then combine it with improving quality of coal, a lower Aussie $ for longer and hopefully increasd production, the number keeps going up. Clearly the price of coal could go up or down in the quarter. With everything we are hearing about the macro and geopolitical environment, then the risk would be to the upside.

WHC does not need any continued upside in the price of coal to remain hugely undervalued at anything under $10 per share.