This is now ridiculous, it is a very well run company and has no debt and MAKING money &paying dividends......it will continue to survive long after others are gone.......it appears BArclays is selling out and when they are done just watch it go....
think about this ----it has about 60 cents per share in cash....which you would think is the bottom as far as SP goes.....if the share price falls to say 80 cents -then MCR would have to consider buying back their own shares and getting rid of 40% of the register...it will only cost them about $60miilion...this would increase EPS by about 40%.. less dividends they would also need to pay......save money there.
I would love it if David Moore releases an announcemnt that reads MCR begin buyback up to 15% of the register----it will cost them about $28Million (leaves them 72million) and they would only have about 164 million on the register.......next year if the Price of nickel remains at $10 Aussie dollar/lb then a NPAT of about $50million gives us a EPS of 30.4 cents. At $1.0 a share that is a forward p/E of 3.28. A BARGAIN......throw in a more realistic P/E of 8 and we have a SP of $2.44 per share. Where it should be at current.
MCR Price at posting:
$1.20 Sentiment: ST Buy Disclosure: Held
