Comparable valuations is a valid method - like sector PE valuations. A sector is unlikely to have stocks that match 100%.
The reason I used Hemi is they are unique and so as Hillgrove.
The key is, how much a potential buyer willing to pay - one could argue that for Hillgrove one should pay higher than 8% given that we are so close to production and antimony is not a wealth storer but required right now for different applications including military.
If one were to consider the cashflow and payback, and M&A may have to dig deeper and offer may be 20% of in ground resource value.
This is is the high end of the valuation being A$2.4bn = $6 a share.
Not out of the question but I think this would be the upper end of the valuation if one were to make an offer right now.
As you say, Hemi has a high development cost vs Hillgrove A$100 at tops.
Which ever the way look at it, LRV has the good that most funds will soon start a bidding war to have a piece.
Hold onto your shares with your dear life. Fun is just starting.
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