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New Hope Corp Ltd NHC

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Stock XASX Rating as of
A$5.02 0.00 (0.00%)
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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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NHC is trading at a 516% premium.
Price
A$5.02
Fair Value
A$8.10
Uncertainty
Very High
1-Star Price
A$68.91
5-Star Price
A$3.85
Economic Moat
Dcly
Capital Allocation
Jcdmzfctr

Bulls Say, Bears Say

Bulls

Demand from Asia for New Hope’s high-quality (high energy, low ash) thermal coal is likely to remain robust for the next decade.

Bears

Greater action on climate change could see demand for thermal coal curtailed sooner and more significantly than anticipated.

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Trading Information

Previous Close Price
A$5.02
Day Range
A$5.00–5.09
52-Week Range
A$4.20–6.52
Bid/Ask
A$5.26 / A$4.90
Market Cap
A$4.24 Bil
Volume/Avg
2.7 Mil / 3.0 Mil

Key Statistics

Price/Earnings (Normalized)
5.85
Price/Sales
2.21
Dividend Yield (Trailing)
7.57%
Dividend Yield (Forward)
6.77%
Total Yield
20.76%

Company Profile

New Hope Corporation is an Australian thermal coal miner. It has two operating mines: the 100%-owned New Acland coal mine in Queensland and its 80%-owned Bengalla coal mine in New South Wales. The company should produce around 13 million metric tons of equity salable thermal coal annually from fiscal 2028, up from around 7.5 million in fiscal 2023, driven by the construction and ramp up of New Acland Stage 3. The vast majority of New Hope’s production is sold into seaborne thermal coal export markets. Reserves at New Acland and Bengalla are sufficient to support multidecade mine lives. New Hope also has significant undeveloped coal resources in Queensland, as well as a 20% holding in the Malabar-Maxwell metallurgical coal mine, which began production in 2023.
Sector
Energy
Industry
Thermal Coal
Stock Style Box
Mid Value
Total Number of Employees
550
Website
https://www.newhopegroup.com.au

Competitors

Valuation

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Metric
NHC
WHC
GLEN
Price/Earnings (Normalized)
 5.856.0110.05
Price/Book Value
 1.701.441.72
Price/Sales
 2.211.940.35
Price/Cash Flow
 6.5010.9110.34
Price/Earnings
NHC
WHC
GLEN

Financial Strength

Metric
NHC
WHC
GLEN
Quick Ratio
 2.823.680.35
Current Ratio
 4.073.951.29
Interest Coverage
 79.2241.552.91
Quick Ratio
NHC
WHC
GLEN

Profitability

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