The end of the fourth round of rare earth national tender, page-19

CJ, thanks for that explanation. You really are quite a financial genius.
I actually agree with your definition of where to read the profit/loss in H1.
I do however tend to treat exchange movements as a non event. Yes it is a non cash movement in the value of translating assets form the functional currency to reporting currency, but is not a cash cost unless the company is to be wound up, assets liquidated and distributed as at the reporting date. Did not happen, so a nonsense figure. IFRS requires Lynas to report this number.
Back to the reason for asking the original question, I am happy to go on record and predict Lynas will report an operating profit for the second six months (H2) and maybe an operating profit for FY17. That would then give you a rather nice "E" number on which to base your analysis. I am also expecting a June Qtly cash surplus of $15-20M. Possible Lynas could end up with cash in the bank of $70m plus at 30 June 17. Not a bad position for a company with market cap of circa $300m and generating an operating FCF of $15m/qtr. We should expect JARE to sweep some cash and repay debt very shortly.

IMHO massively undervalued no matter which methodology you use.