This report looks backward. Short positions are looking forward... just bear that in mind.
Their thermal and met coal supply/demand charts (slide 9) are unchanged from what they presented in February 2024. I'd also prefer they gave costs inclusive of royalties, noting per the 4D they paid A$388M in royalties for the six months.
At this stage I'm focusing on this:
31 December: net debt (A$989M)
31 March: post-tax cash inflow of A$1,570M
2 April: cash outflow of (A$788M)
Closing position: (A$207M)
Their next big payment is another US$500M (currently A$788M) the following April.
WHC Price at posting:
$5.19 Sentiment: None Disclosure: Held
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