At this point the market is still skeptical about CRN's ability to make money at current prices for the next few years. I think the market is continuting to value CRN as a call option, and giving next to not value for their ability to improve operations.
Here is a snippet from a barrenjoey model which highlights that point.
Market still clearly thinks they are line ball. Will need to see operational improvements or a big bump in the spot prices to get this dog moving I suspect.
Next 6 months they will need to put away the excuse book or it will be all over (From an equity destruction perspective).
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