It's much simpler than this diabolical plot you imagine.I am just an individual investor, and I am vaguely aware that the entire energy metals sector is on fire and highly overvalued against the wholesale value of the resources. I'm really struggling to justify valuations on companies that have no production and need to spend a lot of money on capex. I have never been an analyst and I have no association with any analyst firm.
SQM is king of the energy metals companies, so why not start there? And for that matter I am not sure that we could not look at totally unrelated resource companies. In general the kinds of risks and obstacles they face are similar, and I would be surprised if the EV/EBITDA ratios were substantially different across sectors. Those multiples being higher probably reflect sectors with growth opportunities rather than any intrinsic characteristics of the commodity itself.
Be certain of my motive: I want to make money buying energy metals companies. I spent a lot of time today with COB so COB is where I am choosing to have the discussion, but I could equally well have it with a dozen other energy metal companies in a similar situation.
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