Ann: Quarterly Activities Report, page-21

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arsenic

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01/11/21

16:23

Post #: 57235765
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Originally posted by edshann: ↑

To get NPAT from EBITDA you need to subtract depreciation (MLX $4 m last year) and amortisation (MLX $10 m last year) which are included in EBITDA (the D and A), while NPAT excludes depreciation and amortisation. You also need to deduct MLX
admin expenses of around $6 m last year from the 50% share of Renison EBITDA. So if 50% of Renison full year EBITDA were around $140 million (using recent tin prices and guidance on costs and output) then MLX NPAT would be $120 million. a PE of under 3 given no tax.

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All good.
I do see a difference between the second last line labelled Imputed cash flow³ of $54m and EBITDA for the quarter of $70m.
Which makes a difference.

Still I expect over the course of a year a lot of this will share itself out and lets just say the share appears remarkably under-priced relative to peers. (To some extent depending who we count as peers).

Note ³

MLX Price at posting: 36.0¢ Sentiment: Buy Disclosure: Held
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0 Great analysis

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Last 54.5¢		Change 0.000(0.00%)		Mkt cap ! $483.0M

Open	High	Low	Value	Volume
0.0¢	0.0¢	0.0¢	$0	0

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5	89000	0.555
3	70814	0.550
6	99600	0.545
6	102377	0.540

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Ann: Quarterly Activities Report, page-21

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Ann: Quarterly Activities Report, page-21

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