im a beginner here so please let me know if im wrongim...

im a beginner here so please let me know if im wrong
im researching coal based on good trailing PEs and dont have any yet

madamswer i follow you and read much of what you write
so im trying to contribute as well

i copied your work above into a spreadsheet and replaced the "thru the cycle" price with
"spot" prices [and i looked at the coal futures a year out and they're steady-ish]

for the ex bhp acqn using these coal prices im getting PE > 10 or
payback longer than 10 years

for the business they "are" i annualised the recent Sept Qtr revenue and
loaded in FY23 cost base and
im getting FY24 EPS $0.78 which at the current SP is about PE 9

so my very tentative conclusion is that WHC is expensive --
the other way round its not a screaming buy

dyor & gltah