I reckon you have to either dump it now in the excitement and volatility of the listing, or hold it long term - very long term. All the commodities involved in S32 are in structural weakness and will be for years. Aluminium, nickel, the dregs of BHP's thermal and coking coal operations - there's not much bright side there in the short term.
It's a perfect time to load up for a Buffett-type counter-cyclical play though. And S32 should be able to snap up some acquisitions at cheap prices too.
Bottom-drawer this one for at least five years though. The metals operations in particular are heavily leveraged to price and when prices do eventually improve S32's earnings should skyrocket.
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