FMG Technical Analysis, page-6165

spot on.
Either the PER is too low (we know it is compared to RIO BHP MINRES)
or
the divy yield is too high (one of the highest on the ASX)
or
the junk bond debt of us$4.1B is too high
or the cash loss of minus $1.1B from Q2 is the concern

When the SP was 4.00 I was bullish and then at 16.00 I called a rise to 25-30 range (26 top), due to divys and undervaluation
the easy money has now been made imho.
now its dropped from that top and has spent a lot of capex on items that dont increase revenues nor reduce costs like power plants/H power & looks like that will continue.
Building a refinery in PH would boost revenues and create concentrate/briquettes for immediate use in manufacturing rather than exporting the ore.
Paying down the junk bond debt would remove the legacy issue finally, much better use of cash than high divys or wasteful capex imho

still this is about TA not fundamentals
Either we will see lower divys or higher SP or continued market undervaluation as has been the case from day 1 to now.. take a pick.