ASX Today, page-36063

I agree with just about everything that you wrote. I would only add that, in spite of earning more than U$28 per share in the trailing twelve months, they are currently holding U$3.66B of debt as of their 9/30/23 quarterly report (even allowing for their cash and investments, their net debt on 9/30/23 was just over U$2B). Their debt level rose each of the last three quarterlies.

Another issue to watch is that their quarterly profits have fallen from U$9.67 for the quarter ending 12/31/22 and U$10.57 for the quarter ending 3/31/23, to the past two quarters sank to U$5.54 and U$2.58, and there is a good chance that their upcoming annual report will show a decent annual profit, but breakeven, or even a small loss for the quarter ending 12/31/23, and it will certainly be FAR less than the U$9.67 from last year. This means that their reported EPS for the trailing twelve months, which is what most websites and brokers display for EPS, is going to sink, probably by approximately 33%.

Increasing debt, decreasing profit, and their main product is a commodity the price of which has decreased nearly 80% in the past year. What could go wrong?

Best regards