FMG Technical Analysis, page-43

That doesn't make sense

That is simply a financing point, and net cash in the bank is simply added to enterprise value to get to equity value.

FMG's value is all about the extent of it's profitability, which boils down to as to what the longer term price will be, and what will FMG realise for it's lower quality product offering.

Also in case you have missed it - FMG still is in a net debt position.

FMG traded at a discount for a while as it had mis-managed it's capital works against iron ore price risk which put equity holders at risk. Now that debt is under control - as it should be for any company - there is no additional value created from generating free cashflow.