not too late for oz minerals , page-6

I'd be interested to hear how you arrived at a prospective P/E of two.

As expounded in another thread http://www.hotcopper.com.au/post_threadview.asp?fid=1&tid=890351#4026086 Horsetrader and I are reasonably comfortable with a forecast EBIT of around $AUD300m. Envelope figures of 3 billion shares gives eps of around 10cps. Interest shouldn't be a major factor with the cash held after the takeover, and to be even more conservative I'm going to ignore tax and call this a potential NPAT.

How much cash? those still bandying figures of $600m are I think dreaming; $400m appears to be a figure closer to the truth, but again, lets be conservative and call it $600m, or around 20c per share. That leaves 60c valuation for PH and its earnings, giving a PE of 6, which seems to me to be fairly close to the mark in the short term until the company regains credibility, so a SP of 80c is quite reasonable.

I suspect what you are doing is lumping the cash in with the p&l figures instead of on to the balance sheet. Perhaps I've got it all wrong?