Whitehaven (WHC) -1.26%: Clawed its way back from some early selling, the headline $90m NPAT loss for the half was a touch worse than expected but the company defended its position well in the investor call and clearly, this half was the bottom point of the cycle. Management did well managing costs which meant EBITDA managed to stay in the green. They talked up growth projects and their ability to pay down debt on the call as coal prices have rebounded strongly from the lows. Just $37m of EBITDA in the first half could turn into $500m+ in the second based on spot.
MM are positive WHC
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