Morningstar raises fair value estimate for Aussie coal miners on higher coal prices

Whitehaven Coal

12/07/2026 21:09

** Morningstar raises fair value estimate on higher assumed midcycle metallurgical and thermal coal prices
** Assume about $200 per metric ton midcycle from 2030 for metallurgical coal, from around $165, and thermal coal price to about $120 per metric ton starting in 2030, up from around $110
** Increases fair value estimate for Whitehaven Coal WHC.AX by 11% to A$10.5, raises by 9% from New Hope Corp NHC.AX to A$6.2
** "We expect resilient demand for metallurgical coal, with green steel technologies that don’t use metallurgical coal unlikely to be economic at scale for the foreseeable future." - Morningstar 
** On YTD basis, WHC down 4.3% and NHC up 30.5%

 (Reporting by Jasmeen Ara Shaikh in Bengaluru)
 ((Jasmeenaraislam.Shaikh@thomsonreuters.com;))