Going South Continues for BAL, page-12

Perhaps your analysis is a bit off? The sector PE is around 18 and the market is around 16. Even without China, BAL is a bit of a growth stock, with 2017 EPS of 36 cents and forecast of 40 cents (that would be without CDFA), I'm guessing the lowest it could go without China would be around $7.00. Your sub-$4.00 prediction would put the PE at close to 10 on forecasts. It could happen but there would be no sense to it. This is a billion dollar company, not a 20m speculative miner. In any case, Bellamys have said they are confident of that approval.