Coal producer CRN reported earlier this month, although it was largely pre-released, with a couple of takeouts:
- Earnings before interest tax depreciation and amortisation (EBITDA) of US$135m with a US0.5c dividend.
- They removed “inorganic growth as part of their capital management plans”, i.e. they’re not planning on making acquisitions.
We like this, as it focuses on balance sheet improvement, which we believe will bear fruit over the coming years.
- After a more difficult period operationally, CRN is now well positioned for the strong Met coal market we anticipate over the coming years – MM owns CRN in our Emerging Companies Portfolio.
MM is bullish toward CRN
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