Whitehaven Coal Ltd (WHC) fair value: what the stock is really worth
As of Sep 28, 2026: fair value of Whitehaven Coal Ltd A$12.24, price A$7.35, upside +66.5%, quality 48 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 28, 2026.
How to read this chart
60‑month range A$1.54 – A$9.77 · fair‑value band A$7.38 – A$15.91 · the A$7.35 price screens below the A$12.24 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 28, 2026.
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Whitehaven Coal Limited develops and operates coal mines in Queensland and New South Wales. The company produces metallurgical and thermal coal. It operates mines, including open-cut and underground, located in the Gunnedah Coal Basin in New South Wales.
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Whitehaven Coal Limited develops and operates coal mines in Queensland and New South Wales. The company produces metallurgical and thermal coal. It operates mines, including open-cut and underground, located in the Gunnedah Coal Basin in New South Wales. The company sells coal in Japan, China, Korea, Taiwan, Malaysia, Vietnam, Indonesia, India, Europe, and internationally. Whitehaven Coal Limited was founded in 1999 and is based in Sydney, Australia.
Stock analysis
Whitehaven Coal Ltd (WHC) currently trades at A$7.35, while our model-based Fair Value estimate is A$12.24, implying the stock looks roughly 40.0% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of A$14.75 per share, and 16 of the 26 models we run sit above the A$7.35 price.
Bear case: the Dividend Discount group reads lowest at A$1.45, and 10 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: A$7.38 (bear) to A$15.91 (bull), the price of A$7.35 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 48/100 (below-average quality), in the Energy sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Whitehaven Coal Ltd reported revenue of A$5.4B in FY2026 versus A$4.9B in FY2022, a compound +2.4%/yr. Reported net income was A$385M in FY2026, compounding −33.4%/yr from FY2022.
Key figures
Market cap A$6.0B (≈ $4.2B) · P/E ratio 15.6 · P/S ratio 1.11 · EPS (TTM) A$0.4712 · Dividend yield 1.4% · Net margin 7.1% · Return on equity 6.6% · Return on assets (EBIT) 24.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (medium confidence).
What moves the price
The share trades about 25% below its 52-week high and 16% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Energy peers we cover trades at −33% fair-value upside, at 67%, WHC screens cheaper than that median.
Fair Value models
Bear A$7.38Fair Value A$12.24Bull A$15.91
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 3 months old). Earnings retained since then (A$0.0947 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−7.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−3.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+28.2%
Start year 2021 (pandemic). Over 10 years: +16.5% a year
Revenue growth 23 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+24.1%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−12.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−13.8%
Dividend (yield on the price)1.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−13.8% vs 8.3%, slowing
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−4% → 10%
Start year 2021 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+4.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+5.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (Australia: IMF forecast 3.0% a year to 2030, 2.9% from 2016 to 2025) that is about +1.7% a year for the price and +2.3% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Thermal Coal · 88 stocks
Beats the industry median on 8/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score48 · Above median
Fair Value upside+66.5% · Top 25%
Profitability
Return on equity (TTM)6.6% · Above median
Return on assets2.4% · Below median
Net margin (TTM)7.1% · Above median
Operating margin (TTM)13.8% · Above median
Growth and dividend
Revenue growth21.6% · Top 25%
Dividend yield (TTM)1.4% · Below median
Balance sheet
Debt / equity0.34× · Above median
Valuation Multiplesvs Thermal Coal median · lower = cheaper
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Is Whitehaven Coal Ltd (WHC) overvalued or undervalued?
As of Sep 28, 2026, our model estimates a fair value of A$12.24 versus a price of A$7.35, about +67% upside (undervalued).
What is the fair value of WHC?
Our model-based fair value for Whitehaven Coal Ltd is A$12.24 (as of Sep 28, 2026), built from audited fundamentals. The current price: A$7.35.
What is the quality score of WHC?
Whitehaven Coal Ltd has a Quality Score of 48/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Whitehaven Coal Ltd (WHC)?
Our model-based price target is the fair value of A$12.24 (as of Sep 28, 2026) from 26 valuation models. Cautious scenario A$7.38, optimistic scenario A$15.91. It is a calculation from audited fundamentals, not an analyst target.
What is the Whitehaven Coal Ltd stock forecast for 2026?
Our models put fair value at A$12.24, about +67% upside versus a price of A$7.35 (undervalued). Cautious scenario A$7.38, optimistic scenario A$15.91. The calculation is refreshed regularly with new filings.
What is the revenue of Whitehaven Coal Ltd (WHC)?
Whitehaven Coal Ltd reported trailing-twelve-month revenue of about A$5.4B (latest available figure, as of Sep 28, 2026).
Does Whitehaven Coal Ltd pay a dividend?
Whitehaven Coal Ltd currently shows a dividend yield of about 1.36% relative to its recent price (as of Sep 28, 2026).
What growth is priced into Whitehaven Coal Ltd (WHC)?
For today's price to be fair in a discounted-cash-flow model, Whitehaven Coal Ltd would have to grow free cash flow by +4.7 % per year for five years (discount rate 9.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +28.2 % per year. As of Sep 28, 2026.
What discount rate (WACC) does the fair value of WHC use?
Our models discount Whitehaven Coal Ltd at 9.5 %: a base by market capitalisation (mid), country premium for Australia. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Whitehaven Coal Ltd that is +4.7 % per year a year over ten years, using the same discount rate (9.5 %) and the same formula as our fair value.
How much growth has Whitehaven Coal Ltd (WHC) delivered so far?
Over the past 5 years revenue at Whitehaven Coal Ltd grew +28.2 % a year. The price currently implies +4.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Whitehaven Coal Ltd (WHC) growing?
The median revenue growth in the sector is +3.5 % a year. That is the yardstick for the growth priced into Whitehaven Coal Ltd (+4.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Whitehaven Coal Ltd (WHC)?
The free-cash-flow yield on the price is 7.67 %: that much free cash flow Whitehaven Coal Ltd produces per unit of market value. When it exceeds the discount rate of our models (9.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Whitehaven Coal Ltd (WHC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Whitehaven Coal Ltd it is A$12.24 per share (as of Sep 28, 2026), against a price of A$7.35. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Whitehaven Coal Ltd stock overvalued or undervalued in 2026?
As of Sep 28, 2026, WHC trades below its calculated fair value: price A$7.35, fair value A$12.24, a gap of about +67% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of WHC?
No. The price is what the market pays today (A$7.35); the fair value is what the company's own numbers justify (A$12.24). For Whitehaven Coal Ltd the two are A$4.89 per share apart. That gap is exactly why we show both numbers side by side.
How much is Whitehaven Coal Ltd worth?
The market values Whitehaven Coal Ltd at about A$6.0B (market capitalisation, as of Sep 28, 2026). Per share that is A$7.35; our models calculate a fair value of A$12.24 per share.
What do the bullish and bearish scenarios say about WHC?
Our models span a range for Whitehaven Coal Ltd: cautious scenario A$7.38, base A$12.24, optimistic A$15.91 per share (as of Sep 28, 2026, price A$7.35). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of WHC?
Whitehaven Coal Ltd trades at a price-to-earnings ratio of 15.6 (as of Sep 28, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of A$12.24 is built from several models across several years. Excluding one-off items of fiscal year 2026 it is 26.0 (reported 15.6). Other multiples: PEG 2.2, P/B 1.0, P/S 1.1, EV/EBITDA 2.7.
What is the PEG ratio of WHC?
The PEG ratio of Whitehaven Coal Ltd is 2.22 (P/E divided by earnings growth, as of Sep 28, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Whitehaven Coal Ltd (WHC)?
Balance-sheet figures for Whitehaven Coal Ltd (as of Sep 28, 2026): return on equity 6.6%, debt of 0.34 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is WHC from its 52-week high?
Whitehaven Coal Ltd trades at A$7.35, about 25% below its 52-week high of A$9.77 and 16% above the low of A$6.36 (as of Sep 28, 2026). Distance from the high says nothing about value: that is what the fair value of A$12.24 is for.
Which stocks are comparable to Whitehaven Coal Ltd?
From the same area (Energy) we also value China Shenhua Energy Company, Adani Enterprises Limited, Shaanxi Coal Industry Company, Yankuang Energy Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Whitehaven Coal Ltd stock attractive at the current price?
The data as of Sep 28, 2026: price A$7.35, calculated fair value A$12.24 (+67%), Quality Score 48/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of WHC calculated?
We run Whitehaven Coal Ltd through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of A$12.24, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.9 % above its aggregate fair value. Whitehaven Coal Ltd currently trades 67 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Whitehaven Coal Ltd (WHC)?
The closing price on Sep 28, 2026 was A$7.35. Our model-based fair value is A$12.24, about +67% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Whitehaven Coal Ltd right now?
Solid quality (48/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (A$7.38 to A$15.91) leaves room in how you read the outcome.
Where does the earnings growth of Whitehaven Coal Ltd (WHC) come from?
Earnings per share at Whitehaven Coal Ltd grew +12.3 % a year from 2016 to 2026. Broken into its drivers: revenue per share +18.3 %, EBIT margin +0.6 %, tax rate −1.9 %, residual (interest, one-offs) −3.8 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Whitehaven Coal Ltd
How large is the market capitalisation of Whitehaven Coal Ltd (WHC)?
The market capitalisation of Whitehaven Coal Ltd is A$6.0B (≈ $4.2B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Whitehaven Coal Ltd (WHC)?
The price-to-sales ratio of Whitehaven Coal Ltd is 1.11 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Whitehaven Coal Ltd (WHC)?
Earnings per share at Whitehaven Coal Ltd are A$0.4712 (price ÷ EPS = P/E 15.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Whitehaven Coal Ltd (WHC)?
The dividend yield of Whitehaven Coal Ltd is 1.4% (payout 34.7%, on adjusted earnings, reported 20.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Whitehaven Coal Ltd (WHC)?
The net margin of Whitehaven Coal Ltd is 7.1% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Whitehaven Coal Ltd (WHC)?
The return on equity (ROE) of Whitehaven Coal Ltd is 6.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Whitehaven Coal Ltd (WHC)?
On an EBIT basis the return on assets of Whitehaven Coal Ltd is 24.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Whitehaven Coal Ltd (WHC)?
The operating margin of Whitehaven Coal Ltd is 13.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Whitehaven Coal Ltd (WHC)?
Revenue at Whitehaven Coal Ltd is growing +21.6% versus a year earlier (3y avg −3.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Whitehaven Coal Ltd (WHC)?
Earnings per share at Whitehaven Coal Ltd are growing −41.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Whitehaven Coal Ltd (WHC) hold?
Whitehaven Coal Ltd holds more cash than debt, A$479M net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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