Headline EBITDA for Q3 was NZD17.8m however when you add back...

Headline EBITDA for Q3 was NZD17.8m however when you add back their share of the hedging loss for the quarter, 65% * (74m - 26.3m), underlying EBITDA was NZD48.8m = AUD44.5m

191m shares all up (after convertible bonds are turned into shares) @ 1.175 = market cap of AUD224m less cash of NZD39m (AUD35.6m) results in an EV of AUD189M.

The "EV / underlying QUARTERLY EBITDA" ratio of 4.25 puts BRL as the cheapest amongst the 5 producing coal stocks that have issued Q reports in the past week or so. For comparison, I have the others at 5.5, 6.25, 6.25, 8.5 (rounded to the nearest 0.25)

The FY guidance that BRL has provided suggests they can do at least NZD51m EBITDA for Q4. This guidance is based on a HCC PLV price of USD320/t (compared to spot of USD520/t) and also losses that will arise from the last of their hedging (57kt @ USD200/t) .