FMG will it ever be around $4.50 again, page-31

It would help if some people on here can at least read a balance sheet.

When FMG last traded around $4.50 it had:

• A book value of $4.22 per share; and
• An interest coverage of 2.98x; with
• Net debt of ~$3b.

Now FMG has:

• A book value of $8.17;
• Net debt of $124m (excluding lease liabilities which were not accounted for in FY18 anyway), so essentially no net debt.

FMG is vastly different today, compared to when it last traded at $4.50 as:

• There is no chance of debt blowing the company out of the water; and
• The company's asset backing is so much higher; and
• Those assets are one of the lowest cost producing assets in the world.

The IO price could drop significantly from here; and

• FMG could just cease all new development, run the existing assets into the ground; and
• Probably still deliver $10 back to shareholders when all is said and done.

Posters on here who think FMG is going back to the 1930's might as well claim Google will disappear and we are going back to the White and Yellow Pages.

@garlicman, my comments are not targeted toward your genuine question, but the quacks on here that know better (or at least ought to know better).