It's overvalued in the sense that NPAT for FY18 will be around $100m. Given the tax credits it has, this is a false figure. Even so, that's a PE of ~18 based on yesterday's price, which is quite high for a resource stock.
JB and SDV aren't going to be making any money for at least the next 2-3 years.. Where else is profit going to come from between now and then?
Chart, page-5287
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