Been through this one a few times, I don't get it. The numbers don't add up, its like effectively Bidaminna is not being included in valuations at all and we are assuming that transferring to Atlas is going to cost a lot more than forecast.
I don't think either are warranted.
The only other thing I can think of is that the market don't expect the rise in product prices to be sustained. IMA should have re-rated with the underlying commodity price increases but hasn't. Simple operation, returning cash to shareholders and with a large expected quarter coming up, the longer the commodity stays up here the harder it will be to ignore this stock. Happy for those with alternative views to speak up, I like my investment thesis challenged.
Doubling down at these levels.
IMA Price at posting:
16.5¢ Sentiment: Buy Disclosure: Held
