jbm vs mre

I did some research today on the Bloomberg terminal on JBM vs MRE.

What was particularly interesting was the weighted average 2006 PE of the various brokers.

For JBM 14.6 and for MRE 6.96!!

The MRE result was particularly distorted by MacQuarie (estimated earnings of 15.9 cents). Otherwise the weighted 2006 PE was below 5 for MRE on a Nickel price well below the current price.

The question I would really like answered from the good shareholders of JBM is why the huge market premium on JBM.

Please no more dissertations on the problems with the MRE plant because they are resolvable and are being dealt with as part of a normal nickel smelter ramp up - it is really about JBM.

By the way, the predicted 2006 dividends for the two stocks are 35 cents for JBM and 24 cents for MRE.