Yeah. Good point you make. But, if you are one disposed to use price to book value, or enterprise value, JRCC is indeed "cheap" compared to other coal companies in its sector. The question is: how much the BV itself will get a haircut over time.
I can see your point at selling in the $18-20 range.....but we are trading in the 80% haircut range with steam coal contracts at well over $100.....if I was a bigger fish I'd pay out the rear for the contracts and buy it cheaper on spot and deliver somebody elses coal at our prices.....BOD's issue the options!