Why did the SP rally so much from $2.11?
Answer : the balance sheet.
Production Guidance is a little higher for FY2014 as FY2013. BUT costs are lower.
As mentioned on the call the markets obsession with the cash balance is hard to understand.What matters are cash equivalent or current assets.
Equity Investment (SFR etc) = $223m (0.73 ps)
Inventory = $162m (0.53 ps)
Current Receivables - Creditors = $109m (0.36 ps)
Reasonable Cash Expectation @Dec 13 = $268m (0.88 ps)
Total = $762m or $2.50 per share!
A asx100 company rarely if ever has from 11am turnaround intra day move +26% there is a REASON for that!
Why did the SP rally so much from $2.11?Answer : the balance...
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