Thought I would change the thread - hope that is OK.
PNA hit guidance for 2012 - excellent result. Also excellent C1 cash costs.
The wall slippage and subsequent guidance of 2013 tonnes being similar to 2012 seems to be the main driver for the sp decline today. Based on previous presentations, the market was assuming increased tonnage this year, and when the "surprise" occurred, they seem to have removed the growth factor from the sp.
The sp premium could come back, but it may not happen soon.
The bal sheet is still healthy.
I was once told that in a bull market, bad news is ignored and good new is rewarded. It seems that while the ASX is currently in an uptrend, the bull market is not applying to every stock. If you are a RIO and wipe off $14B, the sp goes up 2%, if you are a PNA and say business as usual, 8% is wiped off. It does not seem fair sometimes.
HT1
dec qtly comments
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