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Posted on October 12, 2022

Coranado Global Resources (CRN) is one of the world’s largest miners of high quality Metallurgical Coal (MET Coal) which is a crucial element required in the steel making process. Coranado owns the Curragh mine in Queensland and a bunch of mines in the USA.

Currently we are witnessing the unusual situation whereby MET Coal is trading at a lower price than thermal coal which is used in power stations. Fortunately, management of Coranado has the ability to blend its coal so that it will be able to take advantage of the higher pricing that thermal coal is enjoying.

Coranado is now debt free, has $171mil in the bank and is trading on a forward PE of around 2.5 times net profit. With a prospective dividend yield of 20% we see the stock as being very cheap.

The chart is also looking promising with a clear up trend that has formed since last year.  Considering Coronado is now in the strongest financial position it has ever been in, buying it 35% below its all time high looks like a great deal.

 

 

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