"say $1.5Bpa
MC is $4.69B today
PER = 3.127
Its basic maths. Add it up."Trouble is, I don't think your maths is correct.
For starters, I don't know where you got "$1.5bn pa" from (I'm assuming it's a Net Profit figure given you've used it to calculate the P/E of 3.127)
Based on Slide 50 Attributable EBITDA after the sale of the 49% interest in the Road Trust will be $1.4bn:
View attachment 7032546Starting a pro forma P&L @35mtpa with that $1.4bn EBITDA figure results in NPAT of around $740m:
View attachment 7032555So, with the Market Cap of $4.7bn, that leaves the stock on a
P/E multiple of 6.3 times at 35mtpa.
Not at all expensive, but not close to the 3.1 times figure you quoted.
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(20min delay)