Should be at least double, page-52

I think YAL is now trading on a PE of around 9 to 10 times FY24 estimated NPAT. Thermal coal prices in FY24 look like being materially lower relative to FY23. This will cause NPAT to be materially lower in FY24 relative to FY23. Partly offsetting lower thermal coal prices are higher production and lower costs in FY24 relative to FY23. I think YAL's share price is about right (neutral) at the moment. It is pleasing that the share price has increased to around the 9-10 PE level which I think is about the most we can expect for thermal coal companies in today's world