Dead wood

* NFA, my thoughts, errors - quite possibly *

Underlying business is good, leadership team is a worry, I'll explain.

The team is heavy finance, light core business.
Finance consists of, Lochtenberg, Ludski, Norris, Etcell, Boom.

It's a great deal of excess weight to carry and there is an expectation of prudent capital and risk mgt.
Frankly, little to be seen.

A year ago there were backflips and pats on the back all round. Coal prices are up, profits are up and hopium filled the air.
As investors, when you have returns that you start backflipping over, you layer out, lock in some gains.

It's no different at the big table.
When you are booking large profits, you hedge, FX and underlying.
This provides certainty for investors and allows the business to execute.
There is always a myopic muppet who says, this will cost 5%
This is where someone with their brain stem connected steps in and educates the muppet.

Didn't happen and the result,
Cash Margin
Sept Qtr 2022, BA - $269 Actual
Sept Qtr 2023, BA - $48 Actual
Net result, ~80% down, instead of 5%(No hedging per FY23 report )

Instead of allocating capital prudently, creating a moat and mitigating risk, we bleed out dividends into macro headwinds and a looming recession?

The March 23 Presentation notes, forecast March23 - Dec25, US$187 per tonne.
Guessing hope for the best, plan for the worst is out the window as well.

Shareholders at the upcoming AGM should make their voice heard and clear out dead wood.

My 2c, worth half as much.