Why is it that a lot of FMG posters a "persecution" complex? Our in house expert leads the directors adoration fan club and no one can say anything contrary.
I agree with your sentiments about analysts, see my previous post. However, you destroy your own argument. With the exception of 1 that I know of, all other analysts have FMG as a buy. Irrespective of what they are forecasting with prices they still have FMG a "buy". so why do you think they sre persecuting you? How they come up with a buy when FMG will trade at a loss if their price scenario will come about is a mystery to me.
As for what Directors had the foresight to do:
1)cut debt aggressively - why does everybody keep repeating this? They were never in a position to cut debt until the capital expenditure was completed. The received payments in advance of shipments and used this to pay debt. We still have a liability to deliver future shipments for free. 2)Cut costs aggressively-very true. But by definition if you can cut costs then you were incurring costs unnecessarily in the first place. And don't forget the over run in capital expenditure of $1.2 Billions. 3) Increase production - This was a foresight? 4) Switch much of their operations to gas - agree. This will also benefit tax payers as we don't have to fork out fuel subsidies.
The only foresight these Directors have had was to re-negotiate some of the debt from 2016 to 2019.
You and I have different expectations of Directors.
If prices drop to expected levels, there are no levers to pull. We will be in serious trouble. We are price takers.
Regards
Pear
FMG Price at posting:
$4.74 Sentiment: LT Buy Disclosure: Held
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