> **来源：[研报客](https://pc.yanbaoke.cn)** # Yancoal Australia (3668 HK) Summary ## Core Content Yancoal Australia (YAL) has announced the acquisition of an 80% interest in the Kestrel Coal Mine, a metallurgical coal mine located in Queensland, Australia. The acquisition is valued at US$1.85 billion with an additional US$550 million contingent payment linked to future coal prices. The deal is expected to be completed by the end of the third quarter of 2026. The acquisition is expected to add 12% to YAL's annual saleable coal production and increase the proportion of metallurgical coal in its product mix from 16% to 22%. These changes are expected to enhance the company's return on equity (ROE), improve margins, and provide synergies due to the mine's proximity to existing operations. ## Key Points of the Acquisition - **Valuation**: The acquisition is valued at 8.5x 2025 EV/EBITDA, which is higher than YAL's current valuation of 5.5x. However, the higher valuation is justified by the growth contribution. - **Funding**: The upfront consideration of US$1.85 billion will be funded by a combination of an acquisition facility, working capital facility, and existing cash. - **Contingent Payment**: A maximum of US$550 million in contingent consideration is tied to coal prices exceeding US$225 per tonne in the first five years. - **Mine Details**: - Marketable coal reserves: 164 million tonnes (as of September 2025) - Coal resources: 406 million tonnes - Mine life: ~25 years - 2025 production: ~6 million tonnes of saleable metallurgical coal - Sales volume: 5.7 million tonnes (78% sold to India, Japan, and Korea) - Unit cost (FOB, excluding royalties, inventory movement, and purchased coal): A$147 per tonne ## Shareholding Structure - **Yancoal Australia (YAL)**: 80% interest - **EMR Capital Advisors, Kestrel Coal (EMR), EMR Capital Management and Adaro Capital**: 20% interest - **Mitsui Resources**: Retains 20% interest in the mine ## Earnings Summary (YE 31 Dec) | Year | Revenue (AUD mn) | YoY growth (%) | Net Profit (AUD mn) | EPS (Reported) (AUD) | YoY growth (%) | Consensus EPS (AUD) | P/E (x) | |------|------------------|----------------|---------------------|----------------------|----------------|---------------------|---------| | FY24A| 6,860 | -11.8% | 1,215.9 | 0.92 | -33.1% | na | 7.6 | | FY25A| 5,949 | -13.3% | 439.9 | 0.33 | -63.8% | na | 21.0 | | FY26E| 6,144 | 3.3% | 577.1 | 0.44 | 31.2% | 0.46 | 16.0 | | FY27E| 6,383 | 3.9% | 633.9 | 0.48 | 9.8% | 0.49 | 14.6 | | FY28E| 6,589 | 3.2% | 664.4 | 0.50 | 4.8% | na | 13.9 | ## Valuation Metrics | Metric | FY24A | FY25A | FY26E | FY27E | FY28E | |--------|------|------|------|------|------| | P/E | 7.6 | 21.0 | 16.0 | 14.6 | 13.9 | | P/B | 1.0 | 1.0 | 1.0 | 1.0 | 0.9 | | Yield (%) | 7.4 | 2.6 | 3.4 | 3.8 | 3.9 | | ROE (%) | 13.7 | 4.8 | 6.3 | 6.7 | 6.8 | ## Financial Highlights - **EBITDA**: Expected to increase from A$1,429 million in FY25A to A$1,735 million in FY28E - **Net profit**: Expected to grow from A$440 million in FY25A to A$664 million in FY28E - **Gearing**: Net gearing is expected to remain stable, ranging from -25.2% in FY23A to -25.9% in FY28E - **Cash Flow**: Net cash from operations is projected to vary between A$1,022 million and A$1,494 million from FY26E to FY28E ## Key Risks - Decline in coal prices - Elevated input costs - Extreme weather affecting production and delivery ## Analyst Recommendation - **Rating**: BUY - **Target Price**: Under review; current share price is higher than the target price - **Reasons for Buy**: The acquisition is expected to be value-accrual, improve product mix, and provide synergies due to the mine's location and potential for growth ## Related Reports 1. Yancoal Australia - Coal price likely gains alongside the surging gas price; Buying opportunity on Yancoal - 8 Mar 2026 2. Yancoal Australia - 2025 profit below consensus; resilient coal price to support 2026 earnings - 26 Feb 2026 3. Yancoal Australia Production volume in 3Q25 affected by unfavourable weather - 21 Oct 2025 ## Company Overview - **Market Cap (HK$ mn)**: 51,761.2 - **Avg 3 mths t/o (HK$ mn)**: 163.1 - **52w High/Low (HK$)**: 47.40/23.55 - **Total Issued Shares (mn)**: 1,320.4 - **Major Shareholders**: - Yankuang Energy: 62.3% - China Cinda AM: 7.7% ## Share Performance (12-mth) | Period | Absolute | Relative | |--------|---------|----------| | 1-mth | -13.5% | -14.9% | | 3-mth | 40.0% | 46.1% | | 6-mth | 42.5% | 40.2% | ## Key Operating Assumptions - **Marketable Coal Production (mn tonnes)**: Expected to grow from 52.1 million tonnes in 2019 to 54.5 million tonnes in 2028 - **Metallurgical Coal Production**: Expected to increase from 5.5 million tonnes in 2025 to 7.4 million tonnes in 2028 - **ASP (A$/tonne)**: Metallurgical coal ASP is expected to decrease from A$203 in 2025 to A$198 in 2028 ## CMBIG Ratings - **BUY**: Stock with potential return of over 15% over next 12 months - **OUTPERFORM**: Industry expected to outperform the relevant broad market benchmark over next 12 months - **MARKET-PERFORM**: Industry expected to perform in-line with the relevant broad market benchmark over next 12 months ## Disclaimer - The report is prepared for informational purposes only and should not be considered as investment advice - The information and content are based on analyses and interpretations of publicly available data - The report may not be reproduced, reprinted, sold, redistributed or published without prior written consent from CMBIGM