Ah, I see where we differ, I took all revenu/costprize, whereas...

Ah, I see where we differ, I took all revenu/costprize, whereas you only took the smelting part and excluded the trading part. You thereby assume that inventories only relate to the smelting business. I guess that makes sense. I agree that inventories then seem significant higher than at peers. Also thinking about this, I am a bit puzzled by the reversal of impairment of inventories in H1 2023, due to 'higher estimated net realisible value of inventories', because both prices for ore and product had declined in H1 2023. The only item I can think of causing a higher estimed net realisable value is lower cost of shipping. Could that seriously have a 35m impact? They are running a smelter, not a shipping company.....

The speculation here is that OMH have a cost advantage because of
- lower price of electricity
- lower tax
but the issue is that it doesn't show in cash flow, hence the underperformance of the share price
If OMH really has a competative advantage, shouldn't I consistently see this in margins? They don't seem better than competitors, more or less in line gross margins, but lower cash flow margins it seems.

Why the operational and financial underperformance?
And what can they do to fix this?