Ann: FY2022 Annual Report including Audited Financials, page-6

I see the buyback option as confirmation of the Management confidence for FY 23. If Q1 performs strongly, management is already alluding it, this will drive the price up. I believe they have a pretty good picture of projected Q2 numbers.

For effective financial planning the Finance team should have plotted the cashflow movements for next 12 months - subject to assumptions notably on both coal sales/price and FEX rates. They may have already taken forward FEX contracts to lock in favourable AUD revenue.

In my view, TER should expect a very strong Q1 and H1. Supported by buybacks and high dividend payouts, I expect TER share to be rerated post Q1 results.