Ann: Company Update, page-116

US-based investor here, just started investing in ASX-listed commodities names recently. I ran a scan and have bought into several names, one of which is Calima. Being relatively new geographically, I don't quite understand the idea that a company with no debt issues can be valued at near 1x expected forward earnings. And it's not like the management is completely ignoring shareholders. Being an international investor, I often run into companies that don't even have an IR team that is valued at 3-7x earnings.
So the question is, is there something that I am missing from the equation other than unpredictable energy prices affecting small-cap explorers more in terms of price volatility?
I would assume that if this company continues trading less than book and starts buying back shares with continued distributions, the company offers a very good risk-reward proposition at these depressed prices.