Not sure, haven't had time to look into each peer yet. If I had...

Not sure, haven't had time to look into each peer yet. If I had the time I would check each of the peers that Patersons have used and see how many are in production (or at what stage in project life) and compare that to their EV ratio's. Should give a good indication of a more specific ratio to apply to PGO....

I should also mention that I can understand why they need to be conservative. I have seen analyst reports/valuations on a few of my other holdings and there is usually a random discount factor applied (in different ways) to bring the valuation more in line with the current SP and presumably to also take into account some level of risk.