valuation discussion thread, page-76

My opinion only:
"UNLESS" there is another bid, shareholders will realize there really is no choice. If no other bidder joins in, ZFX will snap up all the instos at $1.00 because in this market, the instos don't want to see their punt go back to 60c, which it will. Look at the volumes traded above $1.00 since the bid was announced. They comprise mainly instos and they have been willing to take a punt on a higher offer but if it doesn't come, they will cop a small loss and exit at $1.00. Instos who hold most of the stock are never in the mood for sharp losses especially in these uncertain times.
I was looking at the nickel price. At current prices, AGM would have EPS at around 8c (64M net profit). $1.00 prices it on 12 times earnings. you can buy the banks on P/e's of less than 10 and other producing nickel miners on P/E's of less than 12. At $1.00 (P/E 12), the offer prices in exploration upside. More than fair.