what's huntley recommendation?, page-6

re: what's huntley recommendation?/gsjb Past few years when nickel price was rising JBM's eps was increasing, so the PE of 12 you mention is snapshot figure, but the foward PE is much lower around 6 to 8 which would reflect expected increase in EPS.

Mine life is still an issue. Currently 10 years i think? excluding anomaly 1. Forward PE of JBM is about 8. So what happens if JBM does not find additional reserves?
You've already paid for 8 years of earnings if nickel price remains the same.

JBM is certainly not undervalued. The price you are paying for nowdays is for potential exploration upside which they continue to deliver, but at no time should the forward PE exceed 10 times.