SS agree with 100% - valuations are dynamic and based on assumptions which when adjusted slightly have high sensitive on final valuations when these are driven by measures such as DCF. Let’s look at an example this quarter AUD was high , some lower grades were sold and zircon hadn’t moved up yet . So cash flow may be about 12-13 m ( my estimate ) next quarter , both realised zircon and TI prices will be higher , grades higher and AUD Lower , so cash flow may be about 17 m -18 m Now depending on what quarter one extrapolates into the future you would come up with a much different end number , so we can only continue to readjust on ones an assumptions , hopefully high probability assumptions. In a years time 32 c may seem che ap ! If Zircon collapsed 20c may be expensive .So my approach , stay informed , and make high probability assumptions and act accordingly
IMA Price at posting:
19.0¢ Sentiment: Buy Disclosure: Held
