Afternoon all. Have been watching the paint dry for a while....

Afternoon all. Have been watching the paint dry for a while. Great piece of coal research out from UBS yesterday. Extremely detailed. Can't post of course, but it gives some EV/t calcs (both resource and reserves). RES is third cheapest of all with EV/t of reserve at .10 against an average of .83. It's an imperfect measure of course but illustrative of potential value. RES screens on the inexpensive charts too when looking at EBITDA margin vs EV/t of production and EBITDA margin vs PE. Not sure where the numbers have been sources but FY15 and FY 16 margins look good.

Not a big fan of research pieces but the numbers stack up very well compared to peers.

Still buying slowly. Slowly slowly catchee mon(k)ey.