target $7.75, page-30

re: hard rider mid $6 is too low, when u have cont With the outlook for coal prices to fall in the longer term it would be reasonable to work on a PE = 5 into 2007.
Cost blowouts happening on most new mines, so Wilpinjong has only just started - wait 6 months for the disappointments.

Essentially EXL will have to live up to production increases to push higher volumes at lower profit margins going forwards and the delays + cost over runs are biasing to the downside. Hold if you feel lucky!