cookie,The US$0.168 EPS was achieved in H1 with POG at an...

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The US$0.168 EPS was achieved in H1 with POG at an average of US$1043/oz and with production of 39,162 oz.

Up to this point in H2 MML have already produced 25,505 oz (plus another c. 10k during April) and POG is averaging c. US$1150/oz.

So I think you can see that the H2 EPS should be significantly higher than H1 - (I estimate c. US$0.22-0.26) unless there is a dramatic fall in gold or production in the next 7 weeks.

So yes, I consider it is under-valued.