27% below intrinsic value - bargain!!!

current price: 3.16 intrinsic value: 4.34
27% below intrinsic value

Figures based on a history of earnings growth over the last five years. Check 'em out for yourself.
V
V
12% - conservative growth rate was used. Up to now the rate has been 18%. Also the company is taking a major move into nickel.
Further this earnings growth can be supported by a growth in bookvalue of 37% and an average return on equity of 32%.

Excess return period

earnings '05: 26.8
Growth figure: 12%
Discount rate: 15%
five year excess period


year 1- .261
year 2 -.254
year 3 -.247
year 4 -.241
year 5 -.235
TOTAL - 1.24

residual period
weighted average cost of capital: 8.46%
Discount rate: 15% at year 5
(.528/.0846) / .497

Intrinsic value: $4.34