masters at work

Half Year Results show diluted EPS of 26 cents yet the SP is 90.5 cents, PE = 3.5

Should be more like $1.50 / PE of 6

Wait for the hedging to be completed then watch this stock get re-rated real quick.

Meanwhile the smart holding things back whilst they are getting on board.


..................2009...2010
Fixed forward oz 44,415 99,840
....... NZ$......$773.... $773
Calls Sold oz............104,024
........NZ$.............. $1,062


If OGC had no hedging in place the EPS would approx 48.3 assign a PE of 6 = SP $2.90.

8 to 12 months we should be at $2.00 minimum