Hey CreamOn. Agreed there is going to be some short term pain especially when we get full year report but I would disagree about vs peers in the current market. If you take a comparison vs WHC and look to FY27 I have EV/FCF for NHC to be 3.5 whereas WHC to be 3. With NHC we will get the dividend and other capital allocation over the next 3 year which we won't with WHC.
btw: I have the dividend to be between 16-16.5 cents, assuming malabar additional purchase comes out of reserves and 50% payout of NPAT.
I think thermal could go lower but not for that long if you look at other producers cost price. If the price dips too much further some producers will fall off.
NHC Price at posting:
$4.57 Sentiment: Buy Disclosure: Held
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