Hematite Resource Owners
Sector Comparison (19 Nov figures supplied by Patersons in its research paper on FMG)
Enterprise Value Per Tonne Of Hematite Resource
$1.76 SRK
$2.11 WML
$2.85 WPG
$3.71 GWR
$5.65 FMG (has since moved up in line with price move)
$5.66 RHI
$5.98 FRS
$7.70 MIS
$10.81 Average
$13.73 CXM
$26.12 MGX
$26.34 GBG
$31.09 TTY
$38.52 MMX
$47.85 AGO
Now the Enterprise Value of FDL is its market cap $155M less cash of say $5M plus debt which is Nil I believe.
Lets assume it has 300 Million tonne of Hematite Resource.
FDL's Enterprise Value per Tonne is therefore $0.52.
This is why this story has legs, its actually supported by comparison against its peer avergae of $10.81 EV/tonne
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