Warrior Met Coal, Inc. (HCC)

Industry: Coal Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
AHGP	35	Alliance Holdings	1,792	4.15	3.73	2.93	2.57	3.04	5.15
601918.SS	36	China Coal Xinji E	1,781	7.89	7.89	7.68	6.98	10.50	8.63
1277.HK	37	Kinetic Developmen	1,611	2.08	2.08	1.57	0.86	2.95	0.80
600395.SS	38	Guizhou Panjiang R	1,374	224.27	388.89	27.09	26.74	74.16	188.17
SOL.AX	39	Washington H. Soul	1,302	17.40	13.18	13.36	10.44	20.15	15.26
600123.SS	40	Shanxi Lanhua Sci-	1,301	451.47	681.57	18.50	20.10	-	-
0639.HK	41	Shougang Fushan Re	1,235	5.70	3.40	1.39	1.17	3.73	1.62
HCC	42	Warrior Met Coal,	1,223	95.16	83.87	21.55	21.21	40.57	747.71
601101.SS	43	Beijing Haohua Ene	1,221	22.24	22.24	6.74	6.03	11.95	9.23
000552.SZ	44	Gansu Energy Chemi	1,124	-	-	21.99	22.82	-	-
600508.SS	45	Shanghai Datun Ene	1,120	25.20	27.23	8.09	8.69	55.13	30.01
8250.HK	46	Du Du Holdings Lim	1,067	-	-	-	-	-	-
UKUZ.ME	47	Southern Kuzbass C	998	-	-	-	-	-	2.87
LWB.WA	48	Lubelski Wegiel Bo	980	-	-	-	-	-	-
600740.SS	49	Shanxi Coking Co.,	942	-	-	-	-	-	-
1303.HK	50	Huili Resources (G	887	1.89	1.89	-0.79	-0.79	-2.51	-0.83

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	7.89	7.89	7.68	6.98	7.12	5.15
Full Range Median Multiple	12.65	10.54	7.89	7.83	11.23	8.63
Industry Multiple	76.23	115.21	10.94	10.64	22.70	29.08
Market Implied Multiple	149.64	131.88	34.26	33.72	64.51	1,188.87
Company (HCC) Multiple	95.16	83.87	21.55	21.21	40.57	747.71
(*) Net Income / EBITDA / Revenue	35	40	151	153	80	4
Winsorized Enterprise Value	N/A	N/A	1,158	1,068	570	22
Full Range Median Enterprise Value	N/A	N/A	1,189	1,200	899	37
(-) Net Debt	-100	-100	-100	-100	-100	-100
Winsorized Equity Value	278	315	1,258	1,168	670	122
Full Range Median Equity Value	445	420	1,289	1,300	999	137
(/) Shares Outstanding	53	53	53	53	53	53
Winsorized Fair Value	$5.28	$5.99	$23.91	$22.21	$12.73	$2.32
Full Range Median Fair Value	$8.46	$8.00	$24.50	$24.71	$18.99	$2.61
Current Price	$100.07	$100.07	$100.07	$100.07	$100.07	$100.07
Upside / Downside	-94.73%	-94.02%	-76.10%	-77.81%	-87.28%	-97.68%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$3.69	$4.19	$16.74	$15.55	$8.91	$1.62
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy