First thing; CSD has a market cap of $48 million.
Shares will be issued later at settlement date. It has a majority owner too, that after issue will be up to almost 80%. Note though, the owner is a Chinese Art dealer and Property developer, so there is not intention of a total buy-out or any other state-owned nastiness.
Anyway, this brings the P/E back to 4.8 (using your figures).
CSD is cheap given what it is and what is coming; a diversified mid-tier base metals operation with leverage to zinc, copper, lead and soon to be tin prices.
The illiquid nature scares off some people, but if you are intending to become an investor, then there really is no issue. Only day-traders bitch and moan about illquid stocks.
In my view, yes, it is cheap and only going to get cheaper (unless share price rises) as CSD is one of only two zinc producers actually generating positive cash-flow.
IGO is the other and it is sitting at $1.3 billion!
;-)
