nope, not really missing anything, the share price should be 2x what it is today and there would arguably still be more room to move upwards... so yes, it is wildly undervalued and unloved currently!
A few things that come to mind as to why Mr Market is valuing BRL at this stupidly cheap price (things that aren't necessarily directly related to the company fundamentals/operations but may be seen to be impacting it): - there is a court case that could cost $50m or so, but given they lost the previous one against BRL, the chance of this subsequent proceeding being successful is virtually 0 in my mind (perhaps Mr Market thinks different) - the stock is quite tightly held - BRL haven't paid much of a dividend over the years so Mr Market probably doesn't 'believe' in it like they do for other coal companies (as other coal companies have declared very large dividends at times) - the current government in NZ is extremely 'anti coal' (or is seen to be that way) and despite this having little actual impact on the company's financials, the overriding regulatory environment is still likely seen by Mr Market as 'highly negative'
Fingers cross FY results contain a large dividend which will help put BRL back in the minds of Mr Market!
BRL Price at posting:
$1.03 Sentiment: Buy Disclosure: Held
(20min delay)