This won't answer the question, but setting the scene.
I'm personally focused on FCF but it really depends how
(1) deferred consideration,
(2) acquisition costs including stamp duty and fees,
(3) contingent payments and
(4) integration costs
are thought about.
If you ignore (1) to (4), I could get to $2 but not $3 unless coal prices are higher.
Estimate earnings 2025, page-2
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