WHITEHAVEN COAL LIMITED (WHC)
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WHC

WHC - WHITEHAVEN COAL LIMITED

FNArena Sector : Coal
Year End: June
GICS Industry Group : Energy
Debt/EBITDA: 1.51
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

Whitehaven Coal is an Australian coal miner with four mines in the Gunnedah region of New South Wales. Three are open cut, with the other underground. The company was listed on the ASX in 2007.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$6.75

01 Sep
2025

0.130

OPEN

$6.67

1.96%

HIGH

$6.79

3,081,210

LOW

$6.59

TARGET
$7.25 7.4% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
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FNARENA'S MARKET CONSENSUS FORECASTS
WHC: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 81.1 15.4 xxx
DPS (cps) xxx 15.0 9.0 xxx
EPS Growth xxx 82.3% - 81.0% xxx
DPS Growth xxx - 25.0% - 40.0% xxx
PE Ratio xxx N/A 43.0 xxx
Dividend Yield xxx N/A 1.4% xxx
Div Pay Ratio(%) xxx 18.5% 58.3% xxx

Dividend yield today if purchased 3 years ago: 1.88%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 2.26

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 04/09 - ex-div 13c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx81.1
DPS All xxxxxxxxxxxxxxx15.0
Sales/Revenue xxxxxxxxxxxxxxx5,832.0 M
Book Value Per Share xxxxxxxxxxxxxxx685.3
Net Operating Cash Flow xxxxxxxxxxxxxxx1,105.0 M
Net Profit Margin xxxxxxxxxxxxxxx11.13 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx11.83 %
Return on Invested Capital xxxxxxxxxxxxxxx8.90 %
Return on Assets xxxxxxxxxxxxxxx5.08 %
Return on Equity xxxxxxxxxxxxxxx11.83 %
Return on Total Capital xxxxxxxxxxxxxxx9.44 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx555.0 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx159 M
Long Term Debt xxxxxxxxxxxxxxx1,874 M
Total Debt xxxxxxxxxxxxxxx2,033 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx1,206 M
Price To Book Value xxxxxxxxxxxxxxx0.79

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx393.0 M
Capex % of Sales xxxxxxxxxxxxxxx6.74 %
Cost of Goods Sold xxxxxxxxxxxxxxx4,440 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx689 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx84 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.4

No. Of Recommendations

7
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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xx.xx%

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Morgan Stanley

22/08/2025

1

Overweight

$8.30

22.96%

Whitehaven Coal's FY25 revenue was in line with Morgan Stanley's forecast, with earnings (EBITDA) of $1.4bn slightly below expectation. Profit of $319m beat by over 20% due to lower depreciation, explain the analysts.

Free cash flow was strong at $737m, up 13-15% versus the broker's expectations, driven by lower capex and working capital release.

The board declared a 15c dividend, in line with Morgan Stanley and 7% ahead of consensus, alongside a new 40-60% payout policy.

Net debt of $827m was inflated by one-offs, highlights Morgan Stanley, but adjusted levels were in line with forecasts and better than consensus, with gearing of 10-20% maintained.

FY26 capex is guided -27% below the broker's forecast as Narrabri Stage 3 spend falls to -$260-300m from prior estimates of -$800-850m.

Production guidance of 37-41mt is -7-9% below the analysts' forecasts, though it's thought consensus may assume the upper end.

Morgan Stanley sees disciplined capital management, lower capex and cost savings providing upside and maintains an Overweight rating. Target price rises to $8.30 from $8.05. Industry View: Attractive.

FORECAST
Morgan Stanley forecasts a full year FY26 dividend of 15.00 cents and EPS of 8.00 cents.
Morgan Stanley forecasts a full year FY27 dividend of 7.00 cents and EPS of 29.00 cents.

Ord Minnett

xx/xx/xxxx

1

xxx

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Bell Potter

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

0

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY
Access Extra Coverage Research History >

WHC STOCK CHART

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