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Whitehaven Coal AUD

Update

Sector: Coal mining

AU_WHC

Price chart

7.12 AUDDay -5.70%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
7.12 AUD · -5.70%
Market cap
5.9 bn AUD

Growth

Δ revenue y/y
52.5%
Δ EBITDA y/y
18.8%

Multiples

P/E (LTM)
5.9x
3y avg: 9.5x
P/B (FY)
1.0x
P/E (ann.)
42.9x
EV/EBITDA (LTM)
1.8x
3y avg: 2.7x
EV/EBITDA (ann.)
8.8x

Cash return

Dividend yield
1.4%
FCF yield (LTM)
10.2%

Value creation

to fair market cap at the 3-yr-average EV/EBITDA
Upside (potential)
-29.9%
↓ details

Liquidity

Daily turnover (listing)
30.8 mln AUD

Shares: yahoo_fundamentals_timeseries/WHC.AX

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial dynamics

Monetary columns are in M AUD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM AUDOperating profitM AUDD&AM AUDEBITDAM AUDNet profitM AUDOperating CFM AUDCapex + M&AM AUDAssetsM AUDEquityM AUDROE (annualized)Net debtM AUDSource
2025-12-31H1 2025 (6M)OK-3355.0
y/y —
-1369.0
y/y —
-271.0
y/y —
-1640.0
y/y —
-580.0
y/y —
-839.0233.011520.0
y/y —
5690.0
y/y —
2.4%618.0—
2025-06-30FY 2025 (12M)OK5832.0
y/y 52.5%
1406.0
y/y 2.2%
607.0
y/y 90.3%
2013.0
y/y 18.8%
649.0
y/y 82.8%
1130.0-393.011826.0
y/y -8.0%
5701.0
y/y 8.2%
11.8%540.0—
2024-06-30FY 2024 (12M)OK3824.0
y/y -36.9%
1376.0
y/y -67.0%
319.0
y/y 41.2%
1695.0
y/y -61.4%
355.0
y/y -86.7%
327.0-454.012852.0
y/y 71.1%
5271.0
y/y 0.3%
6.7%1223.0—
2023-06-30FY 2023 (12M)OK6064.7
y/y —
4167.7
y/y —
226.0
y/y —
4393.7
y/y —
2668.1
y/y —
3583.6-257.87510.9
y/y —
5256.7
y/y —
—-2739.5—
Data quality No obvious scale, balance-sheet, or cash-flow sanity issues in the displayed periods.

Revenue & EBITDA

RevenueEBITDA

Quarterly values (AUD mln)

02 0004 0006 0002023 FY2024 FY2025 FY

Year-over-year change

-100%-50%0%50%2023 FY2024 FY2025 FY

Cash flow

FCF (AUD mln)

-4 000-2 00002 0004 0002023 FY2024 FY2025 FY

Net debt / cash (AUD mln)

-3 000-2 000-1 00001 0002023 H12023 FY2024 H12024 FY2025 H12025 FY

Key-commodity price — Coking coal AU

Current 237spot vs LTM +8%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -77.4%

Main driver: Coking coal AU +10% vs LTM; revenue ×1.08 vs costs ×1.04; EBITDA 746→978; at 2.0× EV/EBITDA → -77%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Coking coal AU (rev)+55%237.17215.46239.89+10%+11%
Steam coal AU (rev)+35%128.12119.46130.36+7%+9%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue4 954
LTM EBITDA746
LTM cash costs (revenue − EBITDA)4 208
2 · Revenue projection
Revenue multiplier — spot×1.081 (+8%)
= Spot revenue5 354
Revenue multiplier — 3y price×1.094 (+9%)
= 3-year-price revenue5 421
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs4 376
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs4 376
4 · EBITDA projection (revenue − costs)
= Spot EBITDA978
= 3-year-price EBITDA1 045
Conservative EBITDA = min(spot, avg)978
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)2.0x
Target EV = EV/EBITDA × conservative EBITDA1 956
Net debt618
Target market cap = EV − net debt1 338
Current market cap5 927

Upside = target market cap ÷ current − 1 = -77.4%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 FY6 0654 698+29.1%4 0602 756+47.3%
2024 FY3 8245 010-23.7%8762 925-70.1%
2025 FY5 8322 991+95.0%2 119-75—

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +53% vs -37% the year before — a +89.5 pp move. 3-year CAGR +6%.
revenue growth by year: 2023 +23% · 2024 -37% · 2025 +53%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 5.6x · target 75th pct (3y) 10.0x · LTM avg 7.2x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-02-250.04 AUDEx-dividend: 0.04 AUD per sharePaidYahoo Finance (ex-div)
2025-09-030.06 AUDEx-dividend: 0.06 AUD per sharePaidYahoo Finance (ex-div)
2025-02-260.09 AUDEx-dividend: 0.09 AUD per sharePaidYahoo Finance (ex-div)
2024-09-040.13 AUDEx-dividend: 0.13 AUD per sharePaidYahoo Finance (ex-div)
2024-02-210.07 AUDEx-dividend: 0.07 AUD per sharePaidYahoo Finance (ex-div)
2023-08-310.42 AUDEx-dividend: 0.42 AUD per sharePaidYahoo Finance (ex-div)
2023-02-220.32 AUDEx-dividend: 0.32 AUD per sharePaidYahoo Finance (ex-div)
2022-09-010.4 AUDEx-dividend: 0.4 AUD per sharePaidYahoo Finance (ex-div)
2022-02-230.08 AUDEx-dividend: 0.08 AUD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)