Whitehaven Coal: Strong finish overshadowed by Narrabri

研报英文原文证据摘录

Whitehaven Coal: Strong finish overshadowed by Narrabri

Global Research

28 July 2026ab

Whitehaven Coal Equities

AustraliaStrong finish overshadowed by Narrabri

Coal

12-month rating Neutral

How did WHC's JQ impact our investment thesis?

Jun-Q was strong, with WHC recovering from Mar-Q weather disruptions and finishing 12m price target A$8.00

FY26 at the top end of ROM/sales guidance and the bottom end of cost guidance. QLD Prior : A$8.70

rebounded sharply, while NSW delivered guided volumes despite a material miss at

Price (27 Jul 2026) A$7.47

Narrabri from challenging mining conditions and resultant remediation works. FY26 unit

costs (~A$132/t) and capex (~A$350m) both finished towards the low end of guidance, RIC: WHC.AX BBG: WHC AU

supporting earnings and FCF into the FY26 result. Net debt increased to ~A$1.3bn

Trading data and key metrics

following the second US$500m deferred BMA payment, as expected. We remain

52-wk range A$9.84-6.10

constructive, with improving operational momentum, delivered cost savings and

leverage to both met and thermal coal markets. After updating for Jun-Q, EPS is -1-5% Market cap. A$5.98b/US$4.18b

across FY27/28E, & our Price Tgt trimmed to A$8.00/sh (vs A$8.70 prior). We remain Shares o/s 800m (ORD)

Neutral rated, with WHC trading on ~12-15% FCF yield FY27-29E. Free float 92%

Avg. daily volume ('000) 4,076

Key highlights from the quarter Avg. daily value (m) A$33.3

QLD: Strong recovery post weather disruption. QLD ROM production of Common s/h equity (06/26E) A$6.01b

5.7Mt was +41% q/q, led by a strong rebound at Blackwater following Mar-Q P/BV (06/26E) 1.0x

weather impacts. Daunia also performed well ahead of its FY27 southern domain Net debt to EBITDA (06/26E) 0.9x

transition. QLD FY26 ROM finished at the top end of guidance.