Chart, page-23

All of the financials point to you being right and the election offered further support to the probable strength of the company at this time. It's the fact that it's so socially unpopular that causes the hesitation in any price improvement. To gain marketing favour there are many companies around the world who have "disowned" coal. BHP is an example. Apparently QBE won't write policies over thermal coal mines and bankers who would back the coal miners are hard to find. These things, together with the gradual reduction in coal requirements around the world, mean that these guys travel a little closer to the edge of the cliff than is the case for most companies. So investors are wary even though it would appear that revenue and earnings should improve across the next few years at least.