March 2022 Quarterly Results, page-2

There is likely to be some disruptions due to wet weather they had in the last two months.
To be conservative, I would expect about 2.9 Mt of equity sales of own coal for the March quarter.
This would be in line with the December quarter, they also had weather issues then.
Average coal price for the Jan - March quarter on the spot market would be around US $260 or AUD $350
Over the last 12 months WHC has traded at an average 15% discount to the NEWC index for each quarter.
So we may be looking at around AUD $270 per ton for this quarter.

270 x 2,900,00 = $783 Million EBITDA
For the half year report we had a 24% conversion rate from EBITDA to net income.
So we may see around $188 Million net income for the quarter. We wont be sure of this until the full year report.

Again this is quiet conservative and is based on all expenses staying in line with the most recent half year report.
I don't expect the SP to break $5 until the full year report is released in August.
Market seems to like the results on paper before valuing upward regardless of the 90% probability (IMO) of basic calculations coming through.