Atlas Iron suffered from the iron ore price crash, as the...

• Atlas Iron suffered from the iron ore price crash, as the discounts for 'lower quality' ore decreased fast.
• However, The company's operating margin should still be approximately 20%, based on the current iron ore price.
• Atlas remains on track to generate a substantial amount of free cash flow, as most of its capital-intensive projects have now been completed.
• The clean balance sheet with a net cash position is quite rare in the sector.
• The fair value seems to be closer to $1/share, which is much higher than the current share price of $0.55 ($505M market cap).