undervalued how do we do a valuation

Ok, i take your point frog.

Its too early to valuate it based on P/E ratio because they haven't actually earnt anything yet. Zinc prices could change between now and jan (as they are getting spot prices for their stock) and a whole heap of other things could go wrong.

But if we did assume their EBITA of 70million per annum for this one plant - would that be enough to calculate a rough EPS and hence rough estimate of stock price? Lots of other factors of course mean that this won't actually be the price, but doesn't indicate it is undervalued at a factor of 4x?

Cheers