WHC has enjoyed a solid start to 2026, advancing over +15% as the global coal sector enjoys bullish rhetoric around fossil fuels from the Trump administration, which has helped coking/met coal rally ~30% over the last 6-months. Medium term, our bullish bias is driven by demand growth likely to outstrip supply growth over the coming 3-5 years.
- We can see WHC consolidating around the $9 area, our initial target, but we see further upside medium term – MM owns WHC in the Active Growth Portfolio.