Excellent result.
Looking towards the MQ24, the increase in cash might be lower than the $A477 increase in the DQ23 mainly reflecting lower thermal coal prices (prices today are looking weak). That said, MQ24 cash flow could be around $400m, which brings the cash balance to around $1.7 billion at 31 March 2024.
Dividend is hard to predict. The current dividend policy is now redundant given YAL has no debt. Also it looks like there won't be any material M&A at least in the short term given WHC has brought BHP's coal mines. If the dividend is 70 cents per share, then this reduces cash by $924m (so the cash balance at 31 March 2024 is around $800m).
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