ok been reading this c r ap for a little while this morning and...

ok been reading this c r ap for a little while this morning and want to add my 2c worth. yes this stock is being slammed however not sure how much of it is due to the conservatism taken by the company pulling back expansion as well as debt issue compared to the points TC and Deidre are flogging on here. firstly, i couldnt see anywhere where they state there costs are 2.76/lb. i thought it stated in plain english they were $1/lb?
secondly, diedre, please dont go quoting rubbish. $2.6M is the cash flow. now my accounting knowledge is not too bad and maybe if you are cash accounting yes you could say it is $2.6M profit however what you fail to highlight firstly is that this is for 1QTR, the next thing you fail to highlight is that this includes development costs and explorations costs (which i assume get capitalised anyway) so the actual profitability - and will go EBITDA as this is the easiest, would be around USD$26.6M which when annualised would be US$100M. Now I know this is all before depreciation and interest expense however even if you add in interest of around $20M and i think this will fall as cost of funds are improving, then you still have PBT (Excl depreciation) of around $US80M. So please dont go throwing around $2.6M profit when it is obvious you have not basic accounting knowledge at all and seriously any slight respect you had with me has all but gone now.
that aside, the market hated the announcement and the price reflects it. im still sticking around as dont think today's economics is representative of the longer term. It is this reason alone im in PNA for the long haul.
PS i think if we assume a NPAT of US60M (assume no tax for a few years at least) and a multiple of say 5, then this should be valued around AUD$458M conservatively (and thats with no upside/downside considerations). thats a 31c share price alone on this project.