Based on todays prices the rest are overvalued, I think PLS still remain the most shorted stock on the ASX. They start this FY with prices considerably lower when they started the previous FY.
The main reason for our valuation is because we simply don't know if were going to get through this cycle without resorting to C&M IMO. You have mentioned other factors as well and it all plays a part but you have to be cashflow positive when you have a limited warchest, you can carry losses but for a limited time. From an earnings perspective we hold no particular value from an asset perspective there is considerable potential value.
I think we all look forward to prices increasing..
Cheers Whisky
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