To answer your question I think a very good recent valuation is klmarc's posted 23 Dec. I'm sure he/she won't mind my reposting it:
Hi all
As a lot of HC-posters already said before: the market is at this moment severely underestimating the potential of FMS!
Just have a look at the takeover-bid two days ago by Atlas on Giralia:
GIR has a resource of 260 million tonnes(inferred and indicated)@ 56,2% Fe.
The take-over offer is valued at 790 A$ !!!
That would imply a value of roughly 3 $/tonne.
FMS has a global resource of 748 million tonnes @ 55,4% Fe (and still an upward potential at PIOP; not to mention Canegrass...)! Amongst this resource is a DSO quantity of 362 Mt @ 57,8%.
This would value FMS at more than 2 Bn A$ !!!!
Marketcap now: 270 million A$.
And to repeat Slippin's phrase from FMS's BRR audio broadcast about an announcement to be released somewhere in january: "the single most important announcement Flinders have ever made".
Food for thought.
klmarc
fms valuation, page-2
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