To answer your question I think a very good recent valuation is...

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