My view is that FMG is increasing production over the next 5 years with a better average grade.They have shown excellent cost controls and have no nett debt.
I expect the discounting for IO received price ,to be much higher this quarter and don't expect profit to be anywhere as good as Q4 just gone.
It will still be very healthy though and they will return much more than the banks will or any other blue chip for the next few years,assuming Steel production stays at similar levels.
Ridiculous PE level and yield at current SP.
Thanks Muddy for you postings,they are excellent.
Gordy
FMG Profitability when IO at $50-60USD?, page-54
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