New Hope: Thermal Coal Play Riding The Epic Fury Wave?

New Hope Corp. is positioned to benefit from surging LNG prices and gas-to-coal switching after major Qatari LNG outages. New Hope's low-cost operations and high EBITDA margins underpin resilience, with potential for FCF yields above 20% as coal prices rise. A multi-year upcycle is possible. If thermal coal returns to US$200/t, New Hope share may reach the target of A$14, implying ~145% upside.