Andy62 bear.
Yes, FMG sp is extraordinary high valued at $5.9B with $11B debt = $16.9 Billion. Warren Buffett would ask if you got $16.9 Billion will you buy entire FMG and repay all their debt... and business without any debt might still be running at loss.
I've witnesses DML (Discovery metals) which I never own any share, they went from $1.80 to 2c (market factored in no chance 0% will survive... now in VA).
FMG is very, super expensive, market IMHO still NOT factor in 2-3 years of massive surplus iron (ie 2015 about 70mt surplus, 2018 300mt surplus) so 3 years of low prices... can FMG hold out 3 years with every tonne shipped losing money? The more you ship, the more you lose... better to ship ZERO ton, fire 15,000 workers and management... use available cash just repay interest.
Actually explorers (or penny-less stocks from "pink" sheet according to Jordan B) have better chance to survive.
Just IMHO.
Iron Ore Price, page-1193
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Last
$21.21 |
Change
-0.310(1.44%) |
Mkt cap ! $65.30B | |||
| Open | High | Low | Value | Volume |
| $21.60 | $21.64 | $21.15 | $128.2M | 6.026M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 3190 | $21.20 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $21.22 | 1058 | 2 |
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| Last trade - 16.10pm 23/07/2024 (20 minute delay) ? |
| FMG (ASX) Chart |