I have it on 5.5 to 6. If you plug in a higher met price ($300ish) i get a PE closer to 4.
I think we have 30 - 40% upside still.
U.S miners like AMR and ARCH are trading closer to 10, however they have higher sensitivity to Met coal price changes, so you could argue should trade a bit higher, they also dont have to deal with a woke state government and our taxes.
However, we have franking credits which also makes the income more appealing (When we get it).
Based on the above I would think a market cap around $12bil is fairly valued (normalising long term Met prices).
That gets you to about $14.34 which is 40% from here.
WHC Price at posting:
$8.92 Sentiment: None Disclosure: Held
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