Ann: Quarterly Report, page-15

I'm conflicted by my position as will be many here.

If you map backwards based on EV it's never been cheaper and unless we get that rerate that has not come till now then EV will go negative this year, which to me is nuts given the assets and cash generation they are doing.

The big question is when board and management can work through the "structural problems" with Talleys, the JV partner, to release cash from the JV and enable them to pay a dividend. If that doesn't happen then the rerate is unlikely and you may be better off waiting.

The other thing is even if the stock does rerate I do think it's not going to be massive. Bathurst is a coal miner, and a thermal miner at that, and that means a lot of investors and funds won't touch it. Probably some holders are looking to divest as well. But that being said given that cash is approaching market cap it feels like the downside is limited.