nta, page-10

Hi Ken,

Nice to see you here - I was just reading your posts on RIO and scratching my stubble thoughtfully.

Lets leave NTA alone for now...

BUT they are earning 400m - 500m p.a. after costs.

They have balanced the hedges and the books - mostly upside this coming year due to currency fluctuations..

So.. current market cap of roughly 0.50c / share * 8.5b shares = $4.25b
Earning of 400 - 500m gives a PE range of 8.5 - 10.5.

Is this historically high for this company?
Just quickly looking at it... in 07 they booked 1.1bn of profit (chortle) ...

Only 300m odd of this was "real" earnings from hotel/rent ... the rest was revaluation magic and imaginary funds mgmt cash.

So back in 07, 300m of earnings roughly on a like for like, and there were 2.2b shares @ $4 each... giving a grand old PE in my view of 29 !!!

Its a better company now without the baggage and is selling at > 66% less on fundamentals than it was in its heyday.

*ponders*