Disappointing CY20 headline financials didn’t surprise a market which is clearly trading CRN for upside leverage to a potential met coal price surge. 2H production saw solid improvement but we’re conscious of the risks that wet weather pose to Curragh output, costs and CRN’s ability to de-gear. CRN has nearly fully closed the gap to our valuation. The return of Chinese demand could easily propel coal/CRN higher, but buying for that trade suits aggressive investors only. Move to Hold, but balanced investors may consider locking in some profit.