Your view on several stocks

Hi Paul,

Firstly, thanks for the thanks. There is simply so much B/S out there and we’re glad to be delivering a service void of that, something we set out to do nearly 10 years ago now and something we put a lot of hours in each week to deliver.

• APA: We covered it in another question here. We still like it, but we’ve been wrong for now. Great value below $8 we think.
• RMD: Recovery continuing – not as compelling now after its bounce but we intend to remain patient.
• PPT: Very average result, they still have a problem on costs which are increasing at a higher clip than revenue. Never a good dynamic. If we held, we’d probably wait for a deal to come to fruition in some form, but could not buy it here.
• LYC: Rare-Earths market will improve, similar view to our position in Iuka (ILU), we think the worst is behind it.
• Whitehaven Coal (WHC) conserved cash given their large acquisition. We think this makes sense in the short term. We like WHC more for growth than dividends from here though, with New Hope (NHC) our preferred coal stock for income.
• Woodside (WDS) will produce lower earnings in FY24 than FY23, so their dividend should be lower (Est EPS in FY24 of $1.4 v $1.73 in FY23).