Ann: Quarterly Activities Report, page-23

PAN is substantially undervalued imho

PANs underlying PER is 1.0 (maths posted before)

MCR PER was 19.9
WSA PER was 39.0
ASX200 PER is av 20.4

Once the production stabilises and costs are cut even lower (slashed 47% in last QR) then PAN should be re-rated imho.
NP is beyond their control but costs & production are and Trafigura needs Ni conc asap.

Unlike MCR valued at $760M, PAN has a large built working MILL & is outproducing MCR by 50% currently all valued at $104M !

If you think PAN is overvalued then you clearly don't agree with the purchase values agreed by IGO & AFAF/Wyloo for WSA MCR recently.
Both cant be right, either they way way overpaid or PAN is way way undervalued.
Take a pick. its multiple choice buddy.