For the weekend a number gimmick (i have to admit a bit crazy)...

For the weekend a number gimmick (i have to admit a bit crazy) especially for „old-fashioned fundamental investors“.

Mobil spent 30 USm$ for Cabora Bassa exploration in the past = 41 Am$

Invictus is having approx 10 Am$ Net Assets

Invictus paid 2018 for the aquisition incl. the shares Scot got for project transfer approx -4 Am$

If all the Cabora Bassa exploration work had been done by one exploration company, then that company would have today a book value of approximately 47 Am$.

With IVZs current marketcap of 30 Am$, this company would have a P/B ratio of 0.6

That's normally a validation/ratio for trash explorers with a stranded or uneconomical project and an empty cash box.

I checked some explorer hopefuls on my watchlist. Most are valued with a P/B around 2, the most hopefuls with 8-9.

None of these companies I would attest a greater potential and a better risk/reward ratio in comparison to IVZ.

Oh yeah, i know thats not the typical approach to evaluate exploration projects.

But it was fun