Target $18.72, page-629

Some solid analysis of WHC at Seeking Alpha:

"On the back of record FY22 financials, the Whitehaven outlook appears as bright as ever. For one, thermal coal supply-side tightness remains across key production regions (e.g., Indonesia, Australia, and Russia). Adding to the supply tightness is the EU’s ban on Russian coal in August, which could further exacerbate market conditions heading into winter in the Northern Hemisphere (when thermal demand is particularly high). Thus, expect spot price to continue outpacing consensus estimates, supporting more upward revisions for Whitehaven in the coming year.

In the meantime, management has capitalized on the cash generation throughout this upcycle, building out a strong balance sheet and allocating capital toward value-accretive buybacks. With the buyback set for another extension/expansion soon (subject to Board approval), capital allocation will be a key near-term catalyst. Over the mid to long term, the stock could also further re-rate on an increased emphasis on energy security globally (vs. the current ESG headwind)."

https://seekingalpha.com/article/4539288-whitehaven-coal-stock-compelling-play-coal-upcycle?gclid=CjwKCAjwv4SaBhBPEiwA9YzZvDdiDu_Z4HFqIgZXne-9POMJTP2veTvhruuzoxaalzyKN4kU_IYQLRoCBGAQAvD_BwE&internal_promotion=true&utm_campaign=18338977834&utm_medium=cpc&utm_source=google&utm_term=140867728066^aud-1455154866220:dsa-1485125208378^^621897308320^^^g