Not all those tonnes are created equal as most of the SA tonnes are sold locally at a lower price to the API4 spot price they get for their export coal.
I think around 0.6Mt to 0.7Mt are sold at the API4 export price.
From what I remember at these coal prices the SA arm would have made around 100M in EBITDA but only half of that is attributable to the business.
It could be higher as the SA arm would now be selling more locally and into the export market.
From something Hilly has posted BA would be making a similar EBITDA at these prices but at the time had a higher FOB cost so it is possibly better than 100M EBITDA.
So it's probably something around 150M to 200M EBITDA if these prices persist I'm thinking.
That still means a P/EBITDA < 1 or a EV/EBITDA around 3.
DYOR
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