Sick Puppy BHP, page-94

What people seem to not understand is that in all of its large businesses, BHP has grown volumes significantly in the past 10 years. On a copper equivalent basis it is probably twice the size it was 12 years ago before the China driven boom started in earnest. Whilst prices in all commodities have come off significantly, they are just reverting to mean levels as supply and demand balance, not dissimilar in real terms to 12 years ago. All of that says to me in very simple terms that BHP's value should be at least double what it was then (which would put it over $20). The China story has a long way to run, particularly with the increasing internal consumption driven growth which provides further recovery upside. The current price is not supported by long term fundamentals.