Ann: Quarterly Activities Report, page-33

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.