Target $18.72, page-3923

Have to admit, with the recent government action (Labor budget in October, NSW Liberals recent moves) I have now fully come around to your position. This is from my perspective as an Australia investor, I can still (sort of) understand why international investors want the buyback over dividends.

Separately, on the UBS note from @Boopaphiney (thanks for sharing) I don't buy into the narrative that brokers are deliberately trying to talk down a share price. The analyst's names are on the note and so is their professional reputation. The comments about peak thermal pricing having passed are interesting but should not be too concerning - US$400/t was never likely to be a long-term price. However, I recall one of the Millner's suggesting NEWC would start with a 3 handle for a long time; for now futures disagree with them, but let's see.

All of that aside, there is an interesting dynamic here: WHC are telling the market their shares are undervalued and are thus conducting a buyback rather than returning cash fully to shareholders. They are conducting that buyback via a broker, UBS, who are telling the market that based on their own outlook, the shares are almost fully valued. Curious. Happy to hear others' takes on this.