The headline CY24 result was largely in line with our expectations, however they were down YoY on higher costs and lower coking coal prices. Guidance highlighted expected production growth and a reduction in unit costs, however given prior disappointments on guidance we believe the market remains sceptical of CY25 guidance. Delivering on this guidance range would be a key catalyst. We are bullish on the medium-term price outlook for coking coal and note that CRN has significant level to coking coal prices. On our forecasts CRN has FCF yields of >10% from CY27 onward.
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