Ann: 2018 Annual Report, page-3

Hi WhichWayUp,

For some reason my eyes glaze over when I read any of the JMS reports / prospectuses.

However my reading of the report for last year is that they reported a Net Profit of AUD92,205,663 (p33 of report) with eps of 4.34cps (also p33 of report). You might be looking at the 2017 figures when you mention $200m

At current prices this puts them on a trailing p/e of about 9, which I agree looks cheap.

But this, of course, is all last years stuff. The key driver as I see it for profitability next year is the price of Manganese, which is outside all of our control. As we have seen (and can see from their website) it costs about $2.09 / dmtu to produce and they earn somewhere between $1.50 (Dec 2015) and $7.50 (Dec 2016).

Last years eps was based on a realised price of $4.74. So far this year the price has been north of that.