SMR sold 580kt in 6 months. The sales have been eating up the cost overhang ("transitional .. ramp up phase") so +ve cash flow and profits are getting nearer. They have ?4mtpa target for Isaac Plains. I don't think you need detailed calcs to see very good value.
Back in Nov (https://hotcopper.com.au/threads/coking-coal-prices-hit-300-per-tonne.3027587/#post-20543045) I said SMR was fairly priced at 0.75 and that I had moved on. Well I'm back in today, as I think SMR is heavily oversold. Time will tell.
SMR Price at posting:
47.0¢ Sentiment: Buy Disclosure: Held
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