Around 9 August for the second quarter dividend.
Lots of moving parts involved in estimating the dividend. Volume of coal produced, price of coal sold and cost of production (helped by higher volumes).
CRN have reiterated their production guidance of target 16.8-17.2mt this year and that they plan to pay 60-100% of FCF which they define as operating CF less capex. CRN generated US$169m cash in Q1 (OCF $224m less capex $54m). This was significantly lower than previous corresponding period due to a series of issues with weather, derailment and maintenance. Volumes were down 22% in Australia and 6% in the US vs pcp. Also met prices are down about US$20/tonne in Q2 noting $10/tonne equates to circa $65m EBITDA per annum. Capex guidance is $260-290m this year. Assuming no M+A and prices remaining at around $220/t, my rough estimate would be FCF for the year of US$400m. 60% of this would be US$0.14c per CDI . This is not advice, please do your own research and happy to be corrected by anyone.
Around 9 August for the second quarter dividend. Lots of moving...
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