Interesting report, some key things to note:$296.1 million in...

Interesting report, some key things to note:

• $296.1 million in cash
• $184.3 million in fixed assets. Of which is earning 11.6% since inception (p.a) - about the only good thing in this report.
• Guiding to sell 5.25m tonnes of coal in the second HY.......
• Unless taking on debt for the Malabar investment, one would assume the dividend will be slashed significantly this HY. A 20c dividend would cost around $175m.
• Good to see New Acland moving.
• Always have hated how NHC reports their costs - it's vague until you get to the HY or FY Reports.

My takeaway: market is right to sell off and price this lower, but NHC are following a very Sol Pat approach - constantly investing and growing, not really making much of the external noise.

Not a large position for me, so I will be holding, but need to run some numbers again -
Thermal is not really the place to have been over the past 6 months.