Morgan...I think the CMC value is about right at around $28 a...

Morgan...I think the CMC value is about right at around $28 a share .I would however suggest nearer to $35 a share over the next 5 years.. but one cannot account for future changes ...Negative or Positive.
One major Positive is that WHC will become a Major player in Coal in the ASX .. after the BHP mines integration ..and will be a possible go to investment for Fund Managers who realise coal will be with us for a long long time and these Fund Managers will pivot back to the best fossil fuels producers ...and as Interest rates continue to fall ..international growth will speed up increasing the demand for energy and of course the demand for smelting coal and energy in India's thrusting Industrial development . this will make WHC an ever stronger growing company ...and as a high dividend paying company even more attractive to all types of investors from Japan , Korea Australia and well beyond Asia....Size and liquidity attracts large investors.
Yes with 80% of world energy still dependent on fossil fuels I'm very positive on coal for at least the next 20 years and I think many Major Investment Funds will gradually pivot back to fossil fuels as "the realisation dawns" that there will be "no Green future without the use of fossil fuels" to drive the energy transition towards Green and renewables.
The next question is why WHC ...because I believe WHC is restructuring to become one of the biggest and best coal producers in Australia with undisputed top management leadership.. led by Paul Flynn....A strategic thinker who "knows his numbers" and will deliver enviable returns on the capital employed ,a terrific cash flow ,a terrific balance sheet and a very good dividend flow...all leading to a rising share price.. and what's not to like about that??
Now some may question the new debt??!!...However look at the enormous cash flow ..this Bridging Debt will very quickly disappear with the these very strong cash flows ...and the strong dividends will still flow through. WHC is a clear buy and I continue to accumulate more shares as I move funds from other areas to buy more WHC shares ..I believe in "Charlie Mongers view" ..When you see something really good "Fill Your Boots"...I see Paul Flynn also agrees as he was very recently happy to add a further 533,651 shares to his holdings...with his now potential holdings of at least Four Million shares plus... and further solid performance rights Paul Flynn and his team have every reason to do the best they can.