Projected FY 2021-22 and Final dividends, page-44

Whitehaven share price is starting to look really silly after this recent decline

current WHC market cap is $4.4bn

conservatively estimate that they have $0.7bn net cash at end of June qtr (they had $161m cash on 18th April and since then have spent a further ~$250m on share buy backs but should’ve accumulated another ~$800m in cash assuming they hit 3.5mtpa of equity production in the quarter)

net of cash Whitehaven is then presently valued at $3.7bn. This is a little less than 1x multiple of post-tax cash lows assuming current spot prices continue and 14mtpa equity production per annum.

this is the most compelling the the investment thesis for Whitehaven has looked in a couple of months now.

I topped up at $4.56 on Thursday, just a bit nervous of macro recession risk given how many $$ I have invested…at this price though relative to current coal prices it’s a punt worth taking.