Ann: Quarterly Report - December 2018, page-171

just thinking outloud / Back of envelope

previous holder with net zero move, anyway now the results are out was looking to see if there was any value...……...

Cash margin is dropping due to industry prices.
Regardless of the reasons, if I assume that the operating business remains stable as well as prices / margins for the next 12 months
production 33780 in the QTR
So assume 135120 for next 12 months (yes they have increased production guidance) but they will continue to spend money/ capital to increase reach this .
So margin 288USD/t
annual cash margin PA - 135120X288 = 38.9M usd or 71.5 AUD:USD = 54.5M AUD approx.
Market cap yesterday 912.8 M
Yesterday forward PE approx. 16.7

Is this too high given last 12 months of prices /actuals? IMO yes, by how much I guess the market will decide.

certainly Doesn't appear cheap to me at present, very positive however that it has no debt, and cash.

It hasn't set a good tone for other producers imo

good luck