most undervalued asx200 stock, page-13

Hi everyone, I was a holder last year and am watching now. It looked cheap to me too, but in the end I came to the conclusion that the SP was cheap for a reason. The market perceives that it has very poor management.

In your calculations you need to add in the dilution effect of the outstanding options (they keep granting themselves truck loads). There are also the outstanding notes with complex rules which are further dilutionary. Then there is the strange use of their cash pile on very high spec investments. A few mill here and there ... frittering it away. Apart from their coal (their best asset which they sold most of right at the lows) their other stuff is a bit questionable. Large and strange write downs occured in their results.

You may make money here but please be aware of the above, as I would have liked someone to explain it to me when I was entering. I made some money but would have been better off elsewhere during that period.