bounce from 52 week low, page-8

NCM's is trading at 0.8 of its NPV based on spot. This is a historic divergence as it has traded at 1.6 X NPV and has averaged around 1.1 X NPV over the long term.

A majority of long term mine life assets are low cost and production problems appear to being worked out, which should see the June and Sept Qtr not disappoint. Very conservative # now appear to be the consensus with most brokers. That is enough for me to know this has become a high probablity long if you are willing to take a view longer than it take for a piece of fruit to over ripen.