@coalforme, the difficulty I'd see with a re-rate back to 29c (even within 12 months) is that with the current shares on issue (2.21 billion) that'd be back to a market cap of $642M or back to historical highs... and yet their planned production output has recently fallen from 5.0Mtpa to 2.75Mtpa. The various capital raises have taken their toll on the register; if you go back one year (just prior to the $85M October raise) they had around 1.558B shares on issue. Since then they'd added:
- October 22: 283.3M (at 30c)
- June 23: 294.1M (at 17c)
- Sept 23: 76.9M (at 13c) plus 100M warrants
So at 2,212,908,954 (excluding warrants) and using the last issue price of 13c that's a market cap of around $290M. Considering production guidance has fallen 45%, the current pricing seems reasonably in line with where it previously traded. If people think this should trade north of 20c (market cap >$443M) they're effectively saying they believe this company should now be trading at a premium valuation to where it used to, given the output has fallen and one of the mines is about to be closed... when you think about it that way, you realise how much sense Shaw's 'analysis' and TP of 29c actually makes.
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