my valuation of pem most hc have nfi, page-7

398.75 for zinc

60,000 tonnes * 0.88 lead * 2200 * 1.25 = 145.2 mill

398.75 + 145.2 = 544 mill

Net profit margin after tax at 35%:
544 mill * 0.35 = 190.4

EPS: 190.4/200 = 0.95 cents per share pre little bit of hedging

Net profit margin after tax at 30%:

544 * 0.30 = 163.2

163.2/200 = 0.816 cents per share pre little bit of hedging

net profit margin after tax 25%:

544 * 0.25= 136mill

136/200= 0.68 EPS pre littlle bit of hedging

So yeah worse case scenario we're looking at 60 something cents per share for this yr based on NPAT margin of 25% and zn price 1.45 and taking 15-20% hedging

Next yr though, betlana to add 20 cps in EPS each yr for 3 years

this yrs EPS is lower due to ONE-OFF tragedy

Next yr we're looking at 90cents per share+ due to BELTANA

prospective its cheap.

Commsec forecasts are for 70 something cents this yr.

the yield is great and production back to normal withoiut this one-off next yr.

When they present their accounts theyll do the accounting including the one-off and do the accounting without the one-off.

Everyone is experiencing higher costs nowadays when trying to increase proddy

With current ops in place and beltana next yr, EPS should remain high enough to justify a higher valuation