I think so too. This now has an incredibly clean balance sheet - a lot of PPE, mine development and inventory after a large capital investment the past 2 years, some legacy tax assets/offsets and minimal liabilities.. trades below book value. The cash should start to flow now - they just need to fix the capital allocation so this trades where it should… $80m FCF pa ($20m per quarter) at a 4x multiple plus A$150m in cash is a A$470m business or 52cps..
MLX Price at posting:
27.5¢ Sentiment: Buy Disclosure: Held
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