come on shorters get up on the bid, page-15

re: i think ncm is over valued 1. NCM now trades at a market cap equal to about 6 billion - last year they made 135 million profit - this year who knows .... but thats a P/E 44 times earnings .
( I know ...gold companies arn't neccessarily valued on P/E ....... but it says that NCM has to pull out hugely larger quantities of refined gold ...... or else it takes you about 44 years to cover the cost of the share )

2. With such a massive market cap ( thats what they focussed on in the last presentation ) why do they even consider offering a dividend re investment plan - there is little advantage to share holders .

The last dividend was 5 cents ......on a $20 share = .25% ( even though it is a half yearly )- thats still very small

3. Don't expect overses fund managers to equate NCM's reserves on a par per market cap as the other big international gold companies . They haven't in the past ...and they are unlikely in the future .

4, All we need is a production stuff up some where , a slip of the gold price back to $460 ....and I think we will see NCM slide - $15.00 first stop .