Target $18.72, page-4528

Coal spiked hard because every coal power plant company bid up to secure supplies pre euro winter, fearing the lack of russian gas/coal would lead to energy shortages. Would not have gone to $400/t otherwise.

This energy crisis has not come to fruition, so now coal plants are stocked to the max and have no anxiety to bid ridiculous prices.

Chances of seeing $400/t again are very small because there will not be the same acute anxiety about energy shortages.

However, it wouldn't surprise me that when this cycle bottoms, it bottoms lower than everyone expects. This is because balance sheets of miners have never been better and even the marginal coal mining company now has a reasonably good balance sheet (except AHQ, sorry guys) and can probably carry on loss making operations for a number of years before they shutter up and reduce supply.

WHC isn't expensive but it isn't crazy cheap. For your average investor, probably an OK risk/reward for a reasonable chunk of your portfolio because there's net cash, so a lower chance to screw up but nobody is getting rich off this anymore.