Interesting to look at the Yal result compared to WHC.
On my numbers, WHC should generate about $2bil of operating cashflow, which is pretty close to YAL. Give or take 10% either way depending on Met prices and Thermal (Lets call it close to even).
Yal has $1.5bil cash which gives it a market cap around $7.7bil adjusted (EV).
WHC has no cash right now, but that could change with the sell down. Debt of $1.7bil Plus market cap of $6.2bil = $7.9bil Enterprise value.
Market has priced both companies pretty equally. However, if WHC does achieve a $1.2bil sale price, suddenly WHC looks extremely cheap comapred to Yal ($6.7bil EV). That would make WHC at least 15% cheaper than YAL, and you have no concerns over China ownership.
Suspect we will see YAL pull back at least 10% today. WHC may find some new investors.
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