Coronado (CRN) released half year results before market yesterday and the stock edged marginally higher. Revenue for the half was up 12% vs 1H 2020, however costs were hit by adverse currency moves and freight costs which meant they announced another loss of $96m. There were clearly some shaky times in the half however the outlook for here over the coming 1-21 years is a better one. Metallurgical coal prices have nearly doubled in the last 3 months which Coronado looks set to capitalise on given their stockpiles have increased into the end of the half, and production was up across all mines.
MM remains bullish CRN –a high risk play on coal prices
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