breaking out, page-9

re: csm xmas at the freo prison No get out of jail free card here for shareholders.
Even though there's big support at $2 on large turnover at the moment, those investors might have second thoughts when it's revealed that CSM are going to earn less than $10mil in the current half - this puts them on a very big P/E ratio and when you add the debt of $170mil to the current market cap of $450mil to get an Enterprise value of $620mil then the ratios start to look very large.
You'd have to be a big believer in the nickel & iron ore growth story to invest at current prices IMO - the manganese & chromite business is very low margin stuff and only really pay for Head Office costs - current Directors have very few shares in the company so can afford to splurge on large Xmas parties.