You're only allowed to fall in love with a stock if the fundamentals are there.
Some figures on Stage11 assuming a throughput of 250k tonnes/pa and a start date of 1Jan04 $A mil
P&L(2004)
19k tonnes Cu @ US$1725 @ 0.66ER 49.7
1.5mil ozs Ag @ US$4.50 @ 0.66ER 10.2
TOTAL REVENUE 59.9
Cash costs @ US$0.40/lb @ 0.66ER 25.4
Net smelter royalty on Cu @ 6.25% 3.1
Interest 8.5% on $A15mil 1.3
Deprec & amort $A25mil/6yrs 4.2
Head Office costs 2.5
TOTAL EXPENSES 36.5
Net Profit before tax & minorities 23.4
Less: 10% minorities 2.4
NET PROFIT (with no tax to pay) 21.0
Assumes Kapulo doesn't kick in until 2005.
MARKET CAP:
Issued shares at 30 June,2003-175.8mil @ 13c 22.9
Options,convert notes-29.7mil @ 4c 1.2
TOTAL MARKET CAP 24.1
So they're selling at a p/e of just over 1 times next year's earnings.
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