Grange's Iron ore pellets at A$427/tonne, page-129

why pick any number? Why not pick the last quarter?

I was replying to a previous poster who had picked a number, I agree with you why pick a number.
What we do know is based on FY 20 earnings ,which are historic, we are trading on a P/E 3.46.

P/E is just a basic guide usually established over a companies history and the sector they are in, the average P/E for mining companies in the US is a little under 6 and IMO would be a reasonable one to apply on GRR over the short term. Obviously the better ones end up with a higher P/E.

Basically if a good Company is trading below that number it would be considered undervalued and over that number potentially overvalued.

If we apply a P/E of 6 on FY 20 earnings of 17.4cps then our shareprice would be trading at $1.04 now and probably should be.
Of course as Rocket says its all about forward earnings and potential forward earnings for FY21 are certainly not being reflected in the current shareprice, they are not even reflecting historic performance .

Cheers Whisky