Iron ore price, page-26390

"Does anyone have a view on why FMG trades at a lower multiple than the big two (diversified earnings??), and what could be the catalyst (other than a whopping upcoming dividend and maybe special dividend) to re-rate it higher to BHP-type levels?"

Yeah I think the market has valued the diversity of the BHP & RIO at significant premiums. However that was before coal bans or collapse in oil / gas prices & before the green energy revolution. Both derive a significant majority of income from IO. Not sure of exact figures however it is close to 80% likely much higher now - so you make a valid point. My guess is that value in SP grows over time and matures, FMG is a lot more youthful in the market and hasn't had the chance to prove itself in the same way. Certainly FMG competes on near equal footing now imo.

The movement to become the worlds largest producer of energy ( and renewable) will be an absolute massive revenue driver and take over from IO - I think it should surpass them in market cap over next 5 years.