jbm the new lim perhaps .. jojo, page-4

Hi El,

I remember looking at JBM at $4 and just kept on looking. Everyone said it was too expensive and when it reached the $8 it became a screaming sell according to most.

When I look today again and at the price I say again too expensive.....lol

Crazy world, but I am honest it will be only a good buy if we really would believe that Nickel will stay high for the next 3 years or so.
I am not sure if this will happen.


Yr to Jun 2006A 2007F 2008F 2009F
NPAT Rep ($M) 103.4 160.5 174.4 173.1
NPAT1 Adj ($M) 103.4 160.5 174.4 173.1
EPS (c) 80.3 124.4 135.2 134.1
DPS (c) 40.0 51.5 56.5 57.0
P/E (x) 22.9 14.8 13.6 13.7
Yield (%) 2.2 2.8 3.1 3.1
Franking (%) 100 100 100 100
EPS growth (%) 12.1 55.0 8.6 (0.8)


Resources and grades are ofcourse great but production for now lacking.
At the current M.cap I would not like to wait till 2011 before I see the production going to be around 20000 t.

For FY08 they will produce around the 9000 t/Ni.
That figure does not impress me.

So I could be totally wrong and will look a bit more at it to see where the value comes from, but for now I would give it a miss.

(like I did at $4 mark years ago.....lol)

So I could be again totally wrong.

Good luck

jojo