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Whitehaven Coal's Fiscal 2026 uEBITDA in Line, Costs at Low End of Guidance, Jefferies Says

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Whitehaven Coal's (ASX:WHC) fiscal 2026 underlying earnings before interest, taxes, depreciation, and amortization (uEBITDA) was in line, with costs at the low end of guidance, Jefferies said in a Wednesday note.

Its fiscal 2026 uEBITDA was AU$1.25 billion, compared with the brokerage's estimate of AU$1.22 billion, while its underlying net profit after tax of AU$227 million missed the estimate of AU$284 million.

Cash conversion of 85% and the working capital drag, plus roughly AU$2 per tonne of the AU$7 per tonne cost improvement sitting in deferred stripping and the rehabilitation provision credit, mean the operating performance is better than the cash flow.

Net debt to uEBITDA ratio of 1.06x and gearing of 18% sit at the upper end of the 0.5x to 1.5x and 10% to 20% targets, ahead of the final $100 million deferred payment in April 2027 and the contingent payment in July 2027.

The brokerage assigned Whitehaven a buy rating with a price target of AU$8.50 per share.

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