Greytone posted a very good graph from Bell Potter a few days ago showing the range of analysts estimates for IO in the future, refer to this, but the takeaway is a gradual decline over a number of years back to 80ish.
A re-rate isn't needed unless that long term target of 80 changes. If expectations are off a bit or IO goes up more than estimated it really dosnt make an enourmous difference to the valuation provided IO is back to 80 in say 5 years and there is a downward trend in between.
Iron ore price, page-31671
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