Get out now, page-22

My calcs are quite simple, unlike flip who goes on about wet tonnes, whatever that means.

simply I am working on FMG making $ 30 a tonne less in financial 2015 compared with 2014, and this will reduce EBITDA from $ 4.650 b to $ 1b

I am not saying they are going broke, but valuation of a business depends on EBITDA and Debt, which they have a lot of.
When the EBITDA is destroyed, the SP must really suffer---its that bloody simple. The SP has dropped a bit, but nowhere near it should go to, based on the numbers

But hell the I/O surplus is predicted to sort itself out by the end of the decade, if FMG and the rest can muddle through