Target $18.72, page-396

Well done on the ~8 bagger. But you seem to have left the party early, the energy crunch has only just started in the last few months and is set to continue. I'm sure you know the situation just as well as most of us, so I am surprised at your early exit. That ~8 bags could have been 15, but, if you have found something that is likely to give you more than a 100% return in the next 12-18 months (while including loss to CGT) then good on you and all the best.

We only have to look at these multiple articles here to see the current global situation. Coal News Headlines | Reuters

Despite all this, Germany is still trying to phase out coal, adding further pressure on coal price! Germany's biggest power producer RWE to phase out coal by 2030

IMO we are still far from the top, it will take time for PE multiples to catch up to continuously expanding earnings. It feels like the SP has risen when in actual fact it has been a near vertical ascent. But comparing it to how fast earnings have increased it does feel like a significant lag in terms of percentage.