The largest gold miners in the world, of which NCM is one, historically trade on very high PE ratios. That could often be 30-50. There is no equivalent gold stock in Australia so you need to compare to global peers who would be the alternative investments.
A few analysts have trouble with this. But it has been happening for many decades. It just is.
I often think the best thing for some of the bigger local names like EVN and NST to do would be to merge. They would then enjoy that premium in valuation.
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