I smell a break out, page-28

Hi Count
it’s been range bound for so long I can see why some would start to think it wouldn’t Break out , but this rerate is backed by a huge jump in profitability. Given most cost are relatively , the impact on margin expansion of these recent prices increases can not be underestimated. Their margin on the HMC is now close to what they selling the HMC only 6-7 months ago.
fundementslly the business has never been stronger and every month that goes by with prices remaining elevated , the business becomes a fair bit more valuable. It was cheap 6 months ago at 17c but I would argue it’s cheaper at 21c based on cash flow and balance sheet