when fundamentals are recognised again...

...stocks like PAN should be quickest on the rebound. The company is debt-free, cash rich and has been severely marked down despite the two year safety net of their prudent hedge book which guarantees returns far above the current nickel spot price (as shown below).

The numbers below were taken from the most recent company update in late November. The biggest change since then has been the price - down 20% to just .79 cents today. I've been buying but it seems 'fundamentalists' like me are thin on the ground at the moment.

Shares on Issue: 192 million
Unlisted Options: 1.8 million ($2.20)
Share Price: $0.96 (17 November 2008)
Market Cap: ~$185 million (fully diluted)
Shareholders: ~6,500 (as at Oct 2008)
Liquid Assets: ~$94 million (30 Sept 2008)
Hedge Book: ~$109 million “in-the-money”(27 Oct 08)
Enterprise Value: < $0
Long term debt: Zero
Short term debt: ~$6 million (finance leases)
Hedging: Fwds 4,500t @ US$25,300/t June 2010
Puts 300t @ US$25,000/t
Puts 700t @ US$15,000/t
Fwds US$40M @ 0.76
Puts US$200M @ 0.90

Patience is required. DYOR as I have no expertise whatsoever.

Gupper