Heya, thanks for the spreadsheet. not sure if you are looking for feedback but I always do so here's a couple of comments/questions;
Q3 says actual? are you basing Q3 off H1 overall prices? or from the kpmg forecast. (actual realised price for met coal is $246 which matches realised price in H1 report). Personally I would be assuming a lower price as price for both met and thermal are down a fair bit. (yes they have contracts but new contracts will be less?)
Finance & Depreciation. I noted that the guidance says 750mil for depreciation for full year and first half net finance cost is 478mil. (or 151 underlying). You have 730 across met and therm. I cant make this add up either using underlying or statutory?
My calculations for Royalties for met coal assuming QLD rates, would be 14.1% based on $246 would like to know if my calculations are wrong.
Haven’t really looked at your cash flow and debt info as I’ve just been concentrating on underlying profits etc based on overall group realised prices etc
Tax - looks like you using the regular 30% for tax did you notice in the H1 report that tax was 33m instead of 141. I think this will make a big difference.
WHC Price at posting:
$4.85 Sentiment: Buy Disclosure: Held
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