Expensive on those figures you posted? Yes.But most analysts...

Expensive on those figures you posted? Yes.

But most analysts have raised their earnings-per-share estimates for coal companies after revising their coal-price forecasts. Thermal coal will average $160 a metric ton in 2009, 28 percent more than previously forecast.

Those figures you posted are hardly relevant - old news.

UBS also forecast coking coal at $300 a ton next year, up 50 percent. New Saraji has to be factored into their price given its defined resource of 690mT that intends to be expanded to 1.5bT.

New Saraji also has large amounts of inseam CBM gas in close proximity to Gladstone with future co-opportunity with Arrow.

New Hope may have a market cap at $4b but it is still around peer P/E for similar companies with a pipeline of growth opportunities (i.e. New Saraji and expansion of New Acland to 5-10mTpa over the next 5 years).

The investment in AOE is valued at $4m based on pre-halt sp of AOE. However, the market will place a premium on top of this market value.

So given the growth pipeline and investment in Arrow, I don't see them as being too expensive at all to be honest....If anything they are still a cheap stock and I think the rerating will continue.