It's down like 35% in the past 6 weeks... now a 5% uplift and there's something brewing??! Why is it down 35% in the first instance? Yeah the tin price has come off a bit but the market is completely sleeping on the cash this thing is going to generate with the bulk of the capex rolling off in a matter of weeks (+$15m a qtr, 100%) and the grades are heading north (plus sitting on a mountain of tax losses). If prices come off 15% but grades increase 15% you're still in the same position.. I can see this generating A$150m cash flow here.. which on a A$435m MCAP, A$300m EV.. is well north of 35% FCF yields.
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