Hi decrisper From your figures NP after abnormals $7.6M giving...

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    Hi decrisper

    From your figures NP after abnormals $7.6M giving PE of just over 4. Using the pre abnormal figure of $12.5 gives PE of 2.6.

    Starting in 6 months the TBR/RND share of gold output is going to increase from 75koz to 125koz, with a capital cost of just $10M. Central costs should remain unchained.

    This should give a PE of about 0.5.

    Now factor in that RND own 25,500oz of gold worth $35M.
    Now factor in RND own 13M TBR share worth $40M+.

    Giving an EV of about negative $45M.

    RND is not overvalued on any measure.

    Cheers

    W
 
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