Ann: May 2021 Coal Sales Update, page-291

While TER may be undervalued, I don't believe its that much more undervalued by the market than NHC and WHC. When you look at Market Cap + debt Vs EBITDA forecasts its only at a slight discount to these peers. Normally you wouldn't include debt in those calculations but when your debst is more than double your market cap it makes sense (particularly at 10% interest rates!).

I didn't include South Africa in those calcs. For me, that's where the upside comes from for TER. But I think management is far from demonstrating decent margins for domestic coal in SA or decent export volumes and margins.

NHC has the potential for New Acland (probably as likely as TER fixing the SA issues).

Something to think about anyway .