Yes the market is forward looking, but the squiggles are in the view vision.
I am buying (cautiously) as I am increasingly confident that they will survive the ramp up, pay the debt due in December and continue to generate cash flow. That is from my forward look.
As for the squiggles, they don’t look inconsistent with that view. Looks to me like they indicate the market has just about finish swallowed it’s dose of reality wrt PAN, acknowledge that it is a relatively high cost miner.
If you overweight on the squiggles then you’ll always be a follower.
EL
Chart thread, page-761
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