It’s been a a slog investing in coal companies over the past 12-months with the likes of Whitehaven (WHC) & New Hope (NHC) basically trading sideways. Peabody Energy (BTU US) in the US, which is about the same size as WHC had been mirroring that price action until last week, when it reported very strong earnings (Ebitda) of $224.8m for the quarter, around 16% ahead of consensus. BTU is trading ~20% below its cycle high while WHC is trading ~40% below its cycle high – with both stocks still looking good in MM’s view.
MM remains long & bullish (BTU US)
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