CRN current market cap = 1.676b shares * $1.22 = $2.045b
Add debt (30 Jun 21) of $236m
Enterprise value = $2.28b
1) Costs ~US90/t (all up): was $88.75 in H1 and will go up slightly due to increasing royalty payments which are price based
2) Revenue: Realised 75% of Platts PLV HCC Aus in H1
3) Production: ~18Mt/yr (as per above "Sales volume") or 1.5Mt/mo
What if CRN hedged at the current SGX coking coal curve for the next 12 months?
In September, it could earn ((300 * 75%) - 90 ) * 1.5 = USD 202.5m
Now calculate the next 11 months:
Yes, the company could earn over $2.5b if it hedged the next 12 months, which is MORE than the current enterprise value of $2.28b.
Note this is a theoretical example. Noone hedges 100% due to risks including failure of supply and effectiveness of SGX futures pricing vs actual pricing. However i can certainly see a place for at least 50% of production being hedged for the next 12months.
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Last
35.0¢ |
Change
-0.020(5.41%) |
Mkt cap ! $586.7M | |||
| Open | High | Low | Value | Volume |
| 35.5¢ | 37.5¢ | 34.8¢ | $30.29M | 86.23M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 112000 | 35.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 36.0¢ | 23416 | 1 |
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| Last trade - 16.15pm 19/09/2025 (20 minute delay) ? |
| CRN (ASX) Chart |