The largest gold miners in the world, of which NCM is one,...

The largest gold miners in the world, of which NCM is one, historically trade on very high PE ratios. That could often be 30-50. There is no equivalent gold stock in Australia so you need to compare to global peers who would be the alternative investments.

A few analysts have trouble with this. But it has been happening for many decades. It just is.

I often think the best thing for some of the bigger local names like EVN and NST to do would be to merge. They would then enjoy that premium in valuation.