Brokers now predicting US180 for coking coal. PCI is lower grade met coal and is priced between coking and thermal. So lets assume US130/ton for MCC's PCI. Cost of production is around AUD75/ton. So profit will be very roughly 130/.89 - 75 x 10mt = 710mill pre tax on these assumptions. That could support a market cap of 8bill or so, it's only 2.4 now.
So 8/2.4 x 9(current price) = 30
There's your $30 SP.
