Ann: FY25 Half Year Financial Report and Appendix 4D, page-370

CORRECT TRADE CALLS -

@arpanp

yes we were the 2 who correctly called this move UP, on TA & FA.

the 15-25 is the LOW BUYZONE imho (I called this months ago)
the 30-53 is the mid range retrace to market (called this months ago too)
65-79 is the high zone (mentioned this on here many times)

I have been watching MIN since 2004 and looked to buy when it was $1-$2 and didnt do so choosing FMG AGO POS MBN JBH instead.
Coulda added to my net worth by $5M with that parcel now but fortune favours the brave.

MIN is way underpriced on TA & FA imho & this is a fundamental factor driving the rerate
Its a valuation retrace investment and its making a FCF fortune as we speak imho

PER RATIOS -

I always look at PER ratios & this is then and still now glaringly obvious and way underpriced.
estimates of $1Bpa = PER of 5.00
estimates of $2Bpa forward earnings = PER of 2.50

BHP RIO FMG are all at 8-12 PER
Thats a 100%-400% difference in valuation

TESLA has a PER of a whopping 175.00 now.
"The P/E ratio for Tesla (TSLA) is 175.09 as of May 12, 2025. This represents a increase of 78.01% compared to its 12-month average P/E ratio of 98.36"
Thats 35 - 70 times higher than MIN right now
Market predicts Tesla earnings are going to rocket higher net 5-10 years so priced in now
If MIN had this current TESLA PER, its SP would now be a whopping $945 - $1,890 per share !

If MIN had the current PER of BHP RIO FMG its SP would now be $54 - $108 ps
So the market has already substantially discounted MIN revenue/earnings to way below peers and values its future growth/Li & IO production growth as low to nothing

SUMMARY -
MIN EPS/earnings are expected to grow 70% by 2026/27 = SP of $46.00
if you add in the peer average PER say 10.00 & earnings 70% increase median say $1.5B, the SP would be $77.00

so what has changed in 12 months to go from 79 to 15 to 27
the tariffs were all a big bluff and global equity trade by trump & Co
the bond/debt rumours were all fake BS and $1.1B bonds now stunningly trading above 100%

bond rates of 9.2% are very high but thats the most sought after and highest recovery rated bond
so the bond market is telling us its yield is overpriced
ie 9..2% should reduced to 8.0% or less to the 6.0% BD mentions.

I was before calling for 25-35 range as market price as that was the pre-trump/pre-tariff dropdown ledge which should never have occurred imho.
This rerate to 25-35 is already happening and could be done in the next 0-21 days on TA FA factors imho. But it could happen overnight or could happen in increments as it is so far.

Going forward I expect the SP to rerate to the 30-53 midrange zone as the market price imho.