お知らせ • Feb 19
Whitehaven Coal Limited (ASX:WHC) announces an Equity Buyback for $32 million worth of its shares. Whitehaven Coal Limited (ASX:WHC) announces a share repurchase program. Under the program, the company will repurchase up to $32 million worth of its common stock. The program will be valid till June 30, 2026. As of February 19, 2026, the company has 826,094,519 shares in issue. お知らせ • Dec 02
Whitehaven Coal Limited (ASX:WHC) announces an Equity Buyback for 37,115,744 shares, representing 4.48% of its issued share capital. Whitehaven Coal Limited (ASX:WHC) announces a share repurchase program. Under the program, the company will repurchase up to 37,115,744 shares, representing 4.48% of its issued share capital for AUD 72 million. The program will be valid till March 31, 2026. As of December 1, 2025, the company has 827,991,365 shares in issue. お知らせ • Sep 25
Whitehaven Coal Limited, Annual General Meeting, Oct 30, 2025 Whitehaven Coal Limited, Annual General Meeting, Oct 30, 2025. Location: at the mint, 10 macquarie street, nsw, 2000, sydney Australia お知らせ • Feb 25
Whitehaven Coal Limited to Report Fiscal Year 2025 Results on Aug 21, 2025 Whitehaven Coal Limited announced that they will report fiscal year 2025 results on Aug 21, 2025 お知らせ • Feb 20
Whitehaven Coal Limited (ASX:WHC) announces an Equity Buyback for 41,830,039 shares, representing 5% for AUD 72 million. Whitehaven Coal Limited (ASX:WHC) announces a share repurchase program. Under the program, the company will repurchase up to 41,830,039 shares, representing 5% of its issued share capital for AUD 72 million. The program will be valid till September 12, 2025. As of September 12, 2025, the company has 836,600,784 shares in issue. お知らせ • Dec 16
Whitehaven Coal Limited to Report First Half, 2025 Results on Feb 20, 2025 Whitehaven Coal Limited announced that they will report first half, 2025 results on Feb 20, 2025 お知らせ • Oct 25
Whitehaven Coal Limited Reaffirms Group Production Guidance for the Fiscal Year 2025 Whitehaven Coal Limited reaffirmed group production guidance for the fiscal year 2025. For the year, the company expects Managed ROM coal production of 35.0 Mt to 39.5 Mt. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €4.22, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 165% over the past three years. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €3.44, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 126% over the past three years. お知らせ • Aug 24
Whitehaven Coal Limited Announces Fully Franked Ordinary Dividend for the Six Months Ended June 30, 2024, Payable on September 17, 2024 Whitehaven Coal Limited announced fully franked ordinary dividend of AUD 0.13000000 for the six months ended June 30, 2024. The dividend is payable on September 17, 2024 with record date of September 5, 2024 and ex-date of September 4, 2024. Declared Dividend • Aug 24
Final dividend of AU$0.13 announced Shareholders will receive a dividend of AU$0.13. Ex-date: 4th September 2024 Payment date: 17th September 2024 Dividend yield will be 4.0%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (45% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 19% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 38% over the next 3 years, which should provide support to the dividend and adequate earnings cover. お知らせ • Aug 23
JFE Steel Corporation agreed to acquire 10% stake in Blackwater Coal Mine In Australia from Whitehaven Coal Limited (ASX:WHC) for $360 million. JFE Steel Corporation agreed to acquire 10% stake in Blackwater Coal Mine In Australia from Whitehaven Coal Limited (ASX:WHC) for $360 million on August 22, 2024. A cash consideration will be paid by JFE Steel Corporation. As part of consideration, an undisclosed value is paid towards assets of Blackwater Coal Mine In Australia. The transaction is subject to approval by regulatory board / committee and subject to antitrust regulations. The expected completion of the transaction is January 1, 2025 to March 31, 2025. New Risk • Aug 23
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 52% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (9.3% net profit margin). Reported Earnings • Aug 22
Full year 2024 earnings released: EPS: AU$0.44 (vs AU$3.08 in FY 2023) Full year 2024 results: EPS: AU$0.44 (down from AU$3.08 in FY 2023). Revenue: AU$3.83b (down 37% from FY 2023). Net income: AU$355.0m (down 87% from FY 2023). Profit margin: 9.3% (down from 44% in FY 2023). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 1.1% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. お知らせ • Aug 22
Nippon Steel Australia Pty Limited agreed to acquire 20% stake in Blackwater Coal Mine In Australia from Whitehaven Coal Limited (ASX:WHC) for $720 million. Nippon Steel Australia Pty Limited agreed to acquire 20% stake in Blackwater Coal Mine In Australia from Whitehaven Coal Limited (ASX:WHC) for $720 million on August 22, 2024. A cash consideration of $720 million will be paid by Nippon Steel Australia Pty Limited. As part of consideration, $720 million is paid towards assets of Blackwater Coal Mine In Australia. The transaction is subject to approval by regulatory board / committee and subject to antitrust regulations. The expected completion of the transaction is January 1, 2025 to March 31, 2025. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €5.50, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 6x in the Oil and Gas industry in Europe. Total returns to shareholders of 443% over the past three years. お知らせ • Jun 24
Anglo American Reportedly Sets Up for AUD 7.5 Billion Coal Exit Anglo American plc (LSE:AAL) is expected to appoint an investment bank any day for a sale of its $5 billion (AUD 7.5 billion) portfolio of Australian coalmining assets, according to sources in the market. The sale, which comes after an announced company break-up while it has been fending off advances from BHP, will involve big dollars for what are some of the best metallurgical coal mines in the world. That may limit the field somewhat. One of the parties most strongly positioned for the portfolio is BHP itself, but perhaps it does not want to be seen to be reinforcing Anglo American's break-up strategy that enhances Anglo's value. But sources say BHP will not be in contention for the mines. If the break-up of Anglo American does not go well, it's always been considered a possibility that BHP comes back a second time with an "all of company" bid for Anglo American after several months. The bet by some is that the coal auction attracts non-conforming offers. China-backed Yancoal Australia Ltd. (ASX:YAL) will probably bid for Anglo American's Capcoal and Dawson assets, while Whitehaven Coal Limited (ASX:WHC), Coronado Global Resources Inc. (ASX:CRN) and Stanmore Resources Limited could bid for the other more attractive mines, Moranbah North and Grosvenor. Other assets that form part of the Queensland portfolio are the Aquila project, an interest in Jellinbah and the potential Moranbah South project, producing about 16 million tonnes a year. Glencore would also be large enough to buy the mines, but the Swiss trader is yet to complete its acquisition of Teck Resources, so could be distracted with that. Other than that, it's hard to see what other groups would be well placed to buy the entire portfolio, with Whitehaven Coal busy digesting the coal mines it has only just bought from BHP. There's been a view that perhaps the reason why BHP sold its Daunia and Blackwater coal mines in the first place was to make way for the Anglo American assets it would inherit as part of its planned buyout, clearing any challenges it may face owning both from the Australian Competition & Consumer Commission. In terms of selecting an investment bank, Anglo American has used Goldman Sachs and Morgan Stanley as its defence advisers so both could be well-placed. New Risk • May 20
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 3.0% per year for the foreseeable future. High level of non-cash earnings (26% accrual ratio). Minor Risks Dividend is not well covered by cash flows (115% cash payout ratio). Profit margins are more than 30% lower than last year (30% net profit margin). お知らせ • Apr 03
Whitehaven Coal Limited (ASX:WHC) completed the acquisition of Metallurgical Coal Assets in Australia from Mitsubishi Development Pty Ltd and BHP Group Limited (ASX : BHP). Whitehaven Coal Limited (ASX:WHC) agreed to acquire Metallurgical Coal Assets in Australia from Mitsubishi Development Pty Ltd and BHP Group Limited (ASX : BHP) for $4.1 billion on October 18, 2023. The purchase price comprises of $2.1 billion cash on completion, $1.1 billion in cash over 3 years after completion and the potential for up to $0.9 billion in a price linked earnout payable over 3 years. The transaction is expected to be funded via a combination of cash, internal cash of $1.476 billion, a $900 million bridge facility and cashflows of Whitehaven’s enlarged business over FY2025, FY2026 and FY2027. Whitehaven Coal have agreed to pay a $100 million as termination fee. The sale is subject to the satisfaction of certain conditions, including competition and regulatory approvals. Completion is expected to occur in June 2024. Net proceeds will be used to reduce the Group’s net debt. The transaction is expected to be materially earnings accretive. As on March 8, 2024, all conditions have been satisfied. As on March 8, the transaction is scheduled to complete on April 2, 2024.BofA acted as exclusive financial advisor to Whitehaven. Macquarie Capital (Australia) Limited acted as financial advisor to Mitsubishi Development Pty Ltd and BHP Group Limited.Whitehaven Coal Limited (ASX:WHC) completed the acquisition of Metallurgical Coal Assets in Australia from Mitsubishi Development Pty Ltd and BHP Group Limited (ASX : BHP) on April 2, 2024. Contingent payments based on 35% revenue share to BMA, subject to average realised prices achieved by the Assets exceeding thresholds of $159/tonne in the 12 month period 12 months post completion, $134/tonne in the 12 month period 24 months post-completion and $134/tonne in the 12 month period 36 months post completion. お知らせ • Feb 20
Deal Close on Whitehaven's Blackwater Mine Sell Down The $7bn listed coal miner Whitehaven Coal Limited (ASX:WHC) is believed to be on the cusp of a deal to sell down part of its Blackwater coal mine, which it purchased as part of a wider $6.4bn acquisition from BHP. The understanding is that two parties - one from Japan and one from India - may be about to surface as buyers of a stake. While the identities are unknown, sources pointed to steel producer JSW Group of India or Nippon of Japan. Whitehaven has previously flagged a possible sell down after paying up for the Queensland assets last year in an auction, when it was advised by UBS. The suggestion at the time was that Blackwater accounted for most of the value of the $3.2 billion deal - as much as $2.5 billion. Whitehaven said that regulatory approvals for that deal were progressing and it was expected to complete on April 2. At its results last week, chief executive Paul Flynn said the deal to acquire BHP's Daunia and Blackwater mines would transform the company into a leading supplier of metallurgical coal for key export markets, where it would earn about 70% of its revenue from export coal. He said there had been strong interest in possible plans to sell a 20% stake in the Blackwater mine to global steelmakers as strategic joint venture partners. He said a high price was likely to be paid for partial ownership of the asset. "We expect to get a better price for the slice, and the interest that we're seeing is from people who are trying to make sure that they've got access to material for the next two or three decades," he said at the time. "This is a highly attractive acquisition, with considerable upside potential, which we expect will deliver meaningful returns to our shareholders for many years to come." As part of the transaction, Whitehaven paid $2.1 billion upfront, less a $100 million deposit. Declared Dividend • Feb 18
First half dividend of AU$0.07 announced Shareholders will receive a dividend of AU$0.07. Ex-date: 22nd February 2024 Payment date: 8th March 2024 Dividend yield will be 7.3%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (35% earnings payout ratio) but not covered by cash flows (174% cash payout ratio). The dividend has increased by an average of 52% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to decline by 7.2% over the next 3 years. However, it would need to fall by 61% to increase the payout ratio to a potentially unsustainable range. New Risk • Feb 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 1.3% per year for the foreseeable future. High level of non-cash earnings (26% accrual ratio). Minor Risks Dividend is not well covered by cash flows (174% cash payout ratio). Profit margins are more than 30% lower than last year (30% net profit margin). Reported Earnings • Feb 16
First half 2024 earnings released: EPS: AU$0.32 (vs AU$1.99 in 1H 2023) First half 2024 results: EPS: AU$0.32 (down from AU$1.99 in 1H 2023). Revenue: AU$1.59b (down 58% from 1H 2023). Net income: AU$257.6m (down 86% from 1H 2023). Profit margin: 16% (down from 47% in 1H 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 19% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 65% per year, which means it is significantly lagging earnings growth. New Risk • Feb 16
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 25% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (25% accrual ratio). Minor Risks Dividend is not well covered by cash flows (174% cash payout ratio). Profit margins are more than 30% lower than last year (30% net profit margin). Buying Opportunity • Oct 30
Now 20% undervalued Over the last 90 days, the stock is up 6.2%. The fair value is estimated to be €5.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 59% over the last 3 years. Earnings per share has grown by 109%. For the next 3 years, revenue is forecast to decline by 19% per annum. Earnings is also forecast to decline by 51% per annum over the same time period. Valuation Update With 7 Day Price Move • Oct 19
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €4.60, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 6x in the Oil and Gas industry in Europe. Total returns to shareholders of 791% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €5.56 per share. お知らせ • Oct 19
Whitehaven Coal Limited (ASX:WHC) agreed to acquire Metallurgical Coal Assets in Australia from Mitsubishi Development Pty Ltd and BHP Group Limited (ASX : BHP) for $4.1 billion. Whitehaven Coal Limited (ASX:WHC) agreed to acquire Metallurgical Coal Assets in Australia from Mitsubishi Development Pty Ltd and BHP Group Limited (ASX : BHP) for $4.1 billion on October 18, 2023. The purchase price comprises of $2.1 billion cash on completion, $1.1 billion in cash over 3 years after completion and the potential for up to $0.9 billion in a price linked earnout payable over 3 years. The transaction is expected to be funded via a combination of cash, internal cash of $1.476 billion, a $900 million bridge facility and cashflows of Whitehaven’s enlarged business over FY2025, FY2026 and FY2027. Whitehaven Coal have agreed to pay a $100 million as termination fee. The sale is subject to the satisfaction of certain conditions, including competition and regulatory approvals. Completion is expected to occur in June 2024. Net proceeds will be used to reduce the Group’s net debt. The transaction is expected to be materially earnings accretive. New Risk • Oct 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 43% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.1% average weekly change). お知らせ • Oct 18
Whitehaven Coal Limited to Report First Half, 2024 Results on Feb 15, 2024 Whitehaven Coal Limited announced that they will report first half, 2024 results on Feb 15, 2024 お知らせ • Sep 22
Whitehaven Coal Receives a Shareholder Proposal from Market Forces On September 20, 2023, Whitehaven Coal announced that it has received a shareholder proposal from Market Forces requesting the Company to vote against resolution 8 and 9 at its annual general meeting of shareholders scheduled to be held on April 27, 2023. The resolutions are as follows 1) An amendment to the Company’s constitution to provide that members can pass advisory resolutions in relation to the exercise of powers vested in the Board; and 2) A request that the Company disclose, in subsequent annual reporting, information that demonstrates how the Company’s capital expenditure and operations pertaining to its coal assets will be managed in a manner consistent with a scenario in which global energy emissions reach net zero by 2050. お知らせ • Sep 21
Whitehaven Reportedly Leads the Way in Auction for BHP Coal Mines BHP Group Limited (ASX:BHP) is asking the short-listed bidders for its two Queensland coal mines on offer to resubmit offers on September 25 after final bids landed last month. DataRoom revealed earlier that suitors had until the end of the month to lock in funding for a transaction and that Whitehaven was firming as the favourite to win the contest. Left in the contest are Whitehaven Coal Limited (ASX:WHC), bidding for both assets, Peabody Energy Corporation (NYSE:BTU) bidding for the Daunia mine, BUMA bidding for the Blackwater mine and Stanmore Resources Limited (ASX:SMR) bidding for Daunia. Sources say Stanmore Coal, which is sourcing debt to fund its bid with help from Grant Samuel, is believed to be the most conservative of the bidders when it comes to price. UBS has put a USD 2.5 billion value on Blackwater, which analysts say has a 50-year mine life, and a USD 800 million value on Daunia, which they believe has a 17-year mine life, with USD 1 billion of rehab liabilities on the former and USD 250 million on the latter. Some Whitehaven shareholders are warming to the prospect of the coal miner buying both Daunia and Blackwater in a deal that may top USD 3 billion. DataRoom first revealed Whitehaven was bidding for both mines on August 24, and the company confirmed this on Monday. It also reiterated comments made while reporting its results last month that it had suspended its share buyback as it considered growth opportunities. Reported Earnings • Aug 24
Full year 2023 earnings released: EPS: AU$3.08 (vs AU$1.98 in FY 2022) Full year 2023 results: EPS: AU$3.08 (up from AU$1.98 in FY 2022). Revenue: AU$6.07b (up 23% from FY 2022). Net income: AU$2.67b (up 37% from FY 2022). Profit margin: 44% (up from 40% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to decline by 28% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has only increased by 95% per year, which means it is significantly lagging earnings growth. お知らせ • Jul 22
Daunia Mine Reportedly Bid Possible Without Whitehaven Equity Raising Whitehaven Coal Limited (ASX:WHC) investors nervous about the miner embarking on an equity raising to buy BHP Group Limited (ASX:BHP)'s coalmining portfolio may be worrying unnecessarily. BHP is understood to be open to selling the two mines it has on offer separately. The understanding is that Whitehaven's interest is in the Daunia mine, which is close to its Winchester South mine. Whitehaven would probably be able to buy the asset without going cap in hand to investors in an equity raising. On a call to investors this week about its June quarter report, Whitehaven boss Paul Flynn said the company was able to source bank debt for metallurgical coal assets, but thermal coal was a challenge as its $1 billion revolving finance facility had not been renewed. Blackwater - the other asset for sale by BHP - produces thermal coal as well as metallurgical coal, while Daunia produces metallurgical coal. They are two of nine metallurgical coal mines in Queensland's Bowen Basin that are part of the joint venture, split 50-50 between BHP and Mitsubishi Development. Earlier in the contest, some were betting that Coronado would buy Blackwater, given its operations, including workforce, roads and ports are close by, while Peabody Energy was seen as the most likely acquirer of Daunia. Yet that was early on, before Yancoal turned up, looking like it would easily overcome other suitors, and some believe Coronado's interest is cooling. But if the assets can be sold separately, they may be within in the grasp of groups such as Coronado and Peabody, which would enjoy synergies. Macquarie Capital is working on the sale, while UBS is believed to be advising Whitehaven Coal and RBC Yancoal. Six parties are understood to have been shortlisted to buy the assets: Yancoal, Coronado, Stanmore Coal, BUMA, Peabody Energy and Whitehaven Coal. New Risk • Jun 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 43% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.8% average weekly change). Recent Insider Transactions • Mar 12
Independent Non-Executive Director recently bought €54k worth of stock On the 8th of March, Wallis Graham bought around 12k shares on-market at roughly €4.46 per share. This trade did not impact their existing holding. In the last 3 months, there was an even bigger purchase from another insider worth €648k. Despite this recent purchase, insiders have collectively sold €3.4m more in shares than they bought in the last 12 months. Recent Insider Transactions • Feb 25
Non-Executive Director recently bought €648k worth of stock On the 20th of February, George Raymond Zage bought around 132k shares on-market at roughly €4.91 per share. This transaction amounted to 1.2% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold €3.5m more in shares than they bought in the last 12 months. お知らせ • Feb 17
Whitehaven Coal Limited Announces Dividend for the Period of Six Months Ended 31 December 2022, Payable on 10 March 2023 Whitehaven Coal Limited announced dividend of AUD 0.32000000 per share for the period of six months ended 31 December 2022. Scheduled dates are as follows: Ex Date is 23 February 2023, Record Date is 24 February 2023 and Payment Date is 10 March 2023. Reported Earnings • Feb 17
First half 2023 earnings released: EPS: AU$1.99 (vs AU$0.34 in 1H 2022) First half 2023 results: EPS: AU$1.99 (up from AU$0.34 in 1H 2022). Revenue: AU$3.81b (up 164% from 1H 2022). Net income: AU$1.78b (up 423% from 1H 2022). Profit margin: 47% (up from 24% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 21% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 7.1%. Over the last 3 years on average, earnings per share has increased by 113% per year but the company’s share price has only increased by 56% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jan 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be €6.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 12% per annum. Earnings is also forecast to decline by 23% per annum over the same time period. Buying Opportunity • Dec 29
Now 21% undervalued Over the last 90 days, the stock is up 1.2%. The fair value is estimated to be €7.71, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 12% per annum. Earnings is also forecast to decline by 23% per annum over the same time period. Recent Insider Transactions • Dec 23
Independent Non-Executive Director recently sold €134k worth of stock On the 19th of December, Julie Beeby sold around 20k shares on-market at roughly €6.69 per share. This transaction amounted to 24% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €5.1m. Insiders have been net sellers, collectively disposing of €4.1m more than they bought in the last 12 months. Buying Opportunity • Dec 03
Now 21% undervalued Over the last 90 days, the stock is up 15%. The fair value is estimated to be €7.93, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 13% per annum. Earnings is also forecast to decline by 25% per annum over the same time period. Recent Insider Transactions • Nov 25
MD, CEO & Director recently sold €5.1m worth of stock On the 22nd of November, Paul Flynn sold around 900k shares on-market at roughly €5.65 per share. This transaction amounted to 46% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Paul's only on-market trade for the last 12 months. Recent Insider Transactions • Nov 17
Non-Executive Director recently bought €800k worth of stock On the 11th of November, George Raymond Zage bought around 150k shares on-market at roughly €5.34 per share. This transaction amounted to 1.4% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth €1.5m. Insiders have collectively bought €2.3m more in shares than they have sold in the last 12 months. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 4 highly experienced directors. Independent Non-Executive Director Nicole Brook was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment deteriorated over the past week After last week's 20% share price decline to €5.26, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 196% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €7.49 per share. Buying Opportunity • Oct 29
Now 21% undervalued Over the last 90 days, the stock is up 41%. The fair value is estimated to be €7.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 15% per annum. Earnings is also forecast to decline by 26% per annum over the same time period. お知らせ • Oct 19
Whitehaven Coal Limited to Report First Half, 2023 Results on Feb 16, 2023 Whitehaven Coal Limited announced that they will report first half, 2023 results on Feb 16, 2023 Valuation Update With 7 Day Price Move • Oct 08
Investor sentiment improved over the past week After last week's 18% share price gain to €7.12, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 307% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €5.31 per share. Recent Insider Transactions • Sep 13
Key Executive recently bought €1.5m worth of stock On the 5th of September, John Conde bought around 250k shares on-market at roughly €5.85 per share. This transaction increased John's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was John's only on-market trade for the last 12 months. Reported Earnings • Aug 26
Full year 2022 earnings released: EPS: AU$1.98 (vs AU$0.55 loss in FY 2021) Full year 2022 results: EPS: AU$1.98 (up from AU$0.55 loss in FY 2021). Revenue: AU$4.93b (up 215% from FY 2021). Net income: AU$1.95b (up AU$2.50b from FY 2021). Profit margin: 40% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Over the next year, revenue is forecast to grow 30%, compared to a 52% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 35% per year whereas the company’s share price has increased by 39% per year. Buying Opportunity • Jun 11
Now 23% undervalued Over the last 90 days, the stock is up 31%. The fair value is estimated to be €4.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Meanwhile, the company became loss making. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 4 highly experienced directors. Independent Non-Executive Director Lindsay Ward was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Feb 25
Now 22% undervalued Over the last 90 days, the stock is up 30%. The fair value is estimated to be AU$2.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 11% per annum over the last 3 years. The company became loss making over the last 3 years. Reported Earnings • Feb 18
First half 2022 earnings: EPS in line with analyst expectations despite revenue beat First half 2022 results: EPS: AU$0.34 (up from AU$0.095 loss in 1H 2021). Revenue: AU$1.44b (up 106% from 1H 2021). Net income: AU$340.5m (up AU$435.0m from 1H 2021). Profit margin: 24% (up from net loss in 1H 2021). Revenue exceeded analyst estimates by 12%. Over the next year, revenue is forecast to grow 29%, compared to a 66% growth forecast for the industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 104 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Oct 07
Insider recently sold €21m worth of stock On the 4th of October, Fritz Kundrun sold around 10m shares on-market at roughly €2.06 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €44m more than they bought in the last 12 months. Recent Insider Transactions • Sep 29
Non-Executive Director recently bought €339k worth of stock On the 21st of September, George Raymond Zage bought around 200k shares on-market at roughly €1.69 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold €23m more in shares than they bought in the last 12 months. Recent Insider Transactions • Sep 07
Insider recently sold €14m worth of stock On the 1st of September, Fritz Kundrun sold around 10m shares on-market at roughly €1.47 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €23m more than they bought in the last 12 months. Reported Earnings • Aug 27
Full year 2021 earnings released: AU$0.55 loss per share (vs AU$0.03 profit in FY 2020) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2021 results: Revenue: AU$1.56b (down 9.3% from FY 2020). Net loss: AU$543.9m (down AU$574.0m from profit in FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance.