All time highs!, page-27

I am trying to steer clear of price predictions in the near term as there is a lot of noise/volatility.

But because thermal coal is a directly linked to basic energy for survival, I feel like it's a lot harder to create "demand destruction" through interest rate hikes etc. Demand is also forecasted to increase in FY23. Supply seems to remain tight as evident by the futures cost curve.

I try to keep bias aside & remain rational with my valuation on WHC as a business. Until I feel like it's fairly valued (not close yet), I remain a holder!

For context, a SP of $7.66 is a PE of 4 (which is a cheap multiple regardless of ESG) @ NEWC $250/t - we're looking down the barrel of 400+ for the rest of the CY.