BCB publishes Australian Research report: pricte target $0.18-0.46, page-44

Given BCB's recent challenges I agree that a P/E ratio of 8 is quite optimistic. I would however note that established metallurgical coal miners such as Alpha Metallurgical Resources (AMR.NYSE) and Warrior Met Coal (HCC.NYSE) are actually valued at P/E's of 7.76 and 7.78 respectively As the world is beginning to realize that the undifferentiated stigmatization of all coal qualities including metalurgical coal and the resulting underinvestment is causing lasting supply shortages resulting in elevated pricing, I expect P/E's of 8 will not be unusal in this industry in the midterm. The question is rather if and when BCB will generate significant profits.