Target $18.72, page-10367

As @griffon02 pointed out - the met coal price has dropped ~40% in the last 9 months or so. Unfortunate timing really for WHC. Like other commodities, WHC is a price taker, and not a price maker, and hence is currently on the back foot already for FY25. I dare say operations need to be perfect for WHC to justify its current price considering the commodity prices. I wouldn't be banking on "good" dividends either for the next 12 months. This is a pure guess, but I doubt you'll see a dividend of more than 25c for FY25. Which is about ~4% (add in your franking). Getting better returns elsewhere which might see some more investors sell, looking for better returns.

Strong company, and looks to be controlling the things it can control, but ultimately margins are squeezing inch by inch.