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Whitehaven Coal Ltd WHC

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Stock XASX Rating as of
A$8.97 +0.03 (0.34%)
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Company Report

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Commodity Price Update Q3 2024: Value in Mineral Sands, Gold, and Thermal Coal

Jon Mills

Base metals prices surged earlier in the June quarter of 2024 before partially reversing due to concerns over China’s economy. Iron ore prices are broadly stable despite China's struggling property market and weak infrastructure spending, leading to questions over China's steel demand. After updating our commodity price assumptions, no-moat Iluka is the cheapest miner we cover, trading 31% below its unchanged fair value estimate of AUD 9.50.

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Price vs Fair Value

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WHC is trading at a 295% premium.
Price
A$8.97
Fair Value
A$9.10
Uncertainty
Very High
1-Star Price
A$94.22
5-Star Price
A$5.24
Economic Moat
Mmgr
Capital Allocation
Zhxztbp

Bulls Say, Bears Say

Bulls

Existing coal producers, particularly those like Whitehaven that produce high-energy, high-quality coal, may benefit from future supply potentially being damped as new coal mines face more difficulties gaining approval.

Bears

The company's return on invested capital is likely to be depressed in the long term.

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Trading Information

Previous Close Price
A$8.94
Day Range
A$8.87–9.00
52-Week Range
A$6.02–9.00
Bid/Ask
A$8.95 / A$8.98
Market Cap
A$7.50 Bil
Volume/Avg
3.7 Mil / 4.8 Mil

Key Statistics

Price/Earnings (Normalized)
6.01
Price/Sales
1.94
Dividend Yield (Trailing)
5.46%
Dividend Yield (Forward)
5.46%
Total Yield
10.98%

Company Profile

Whitehaven Coal is a large Australian independent thermal and semisoft metallurgical coal miner with mines in the Gunnedah Basin, New South Wales. It also bought Blackwater and Daunia, two coking coal mines in Queensland, from BHP and Mitsubishi in April 2024. In addition, it owns the large Vickery and Winchester South deposits in New South Wales and Queensland, respectively. Coal is railed to ports in Newcastle and Queensland for export to Asian customers. Along with expanded production at Maules Creek and Narrabri, we expect its share of salable coal production to approach 36 million metric tons from fiscal 2028, from about 13 million in fiscal 2023. Development of Vickery could see around 7 million metric tons of extra equity production, with first output likely in 2024 or 2025.
Sector
Energy
Industry
Thermal Coal
Stock Style Box
Mid Value
Total Number of Employees
1,027
Website
https://www.whitehavencoal.com.au

Competitors

Valuation

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Metric
WHC
NHC
GLEN
Price/Earnings (Normalized)
 6.015.8510.00
Price/Book Value
 1.441.701.71
Price/Sales
 1.942.210.34
Price/Cash Flow
 10.916.5010.29
Price/Earnings
WHC
NHC
GLEN

Financial Strength

Metric
WHC
NHC
GLEN
Quick Ratio
 3.682.820.35
Current Ratio
 3.954.071.29
Interest Coverage
 41.5579.222.91
Quick Ratio
WHC
NHC
GLEN

Profitability

Metric
WHC
NHC
GLEN
Return on Assets (Normalized)
 15.81%20.98%5.31%
Return on Equity (Normalized)
 22.25%26.96%14.49%
Return on Invested Capital (Normalized)
 20.52%25.06%11.14%
Return on Assets
WHC
NHC
GLEN
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