Quarterly is no surprise, it was flagged.I wonder if they're...

Quarterly is no surprise, it was flagged.

I wonder if they're looking at thermal coal? Looks like it's going to be around for a lot longer than anyone thought. It was a reasonable call at the time to not pursue a presence there (but in coking coal) but times have changed & it would appear so for the foreseeable future.


I hope you're right. This is my largest holding too & by some measure. There's been a lot of false starts the last few years- some that they had no control over, others of their own making. Reality is the numbers in the summary don't tell the full picture. This is a much larger business now with the capacity to churn out very decent numbers. Debt as of now is just under 1x 2023 numbers which while higher than I like should be manageable & to their credit the loan facilities are of long duration, almost in totality fixed and at what by the end of the year may look as exceptionally well priced. Expecting little by way of dividends this financial year (statutory NPAT will be smaller than many expect) but there's scope to be buying back shares in excess of the $2.4million they have set aside for the purpose & I hope they do so (8-10% would arguably be appropriate considering the cashflows they're alluding to) with further announcements thru' the year. It's now up to management to showcase what this can & should be doing.