I put our 2024 P/E ratio at between 2 and 3 based on current market cap and Spod pricing at around US$4,000/MT.
This assumes no restrictive ceiling prices in contracts which I believe / hope were negotiated out a while ago?
So I think there is room for the share price to double over the next year or two, just based on 175 - 200 ktpa production.
If they then double production................well we could easily see an SP starting with a $3 in due course provided Spod stays above say US$3,000/MT which seems likely to me.
I'm happy to wait for dividends in 2025 or so which should be quite lucrative.
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