valuation, page-7

The obvious error is using PMM 03/04 pe against MGX 04/05 results. I am using these figures because thats all I have, just as an indicative figure. In any case, if u really think deeply about it, PMM 04/05 will increase profit [yes, we know that because of increased prices etc] but at the same time, we would expect share price to also rise. Hence the PE ratio between the two, may very well end up about the same ! So, even though it may crude and simple, is it in fact that wrong ? If anyone really wants to do a post-graduate thesis on the valuation of this coy, go ahead- we would all be interested in the results ...