No, I think what he is saying is this.
FMG at it's current price, is valued as a pure IO player. If you buy FMG today, you are getting business which represents good value, generating a lot of free cash which it can the use for Green Hydrogen.
If FMG was at $30 based on the current outlook and Spot price for IO then the option wouldn't be "Free". $10 of the stock price could be explained by attributing the green growth prospects.
He is essentially saying FMG is priced purely on it's IO output, and given how strong it's balance sheet is, the Green Hydrogen is basically free if you purcahse FMG shares at todays price.
Iron ore price, page-42339
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Last
$21.71 |
Change
-0.190(0.87%) |
Mkt cap ! $66.84B | |||
| Open | High | Low | Value | Volume |
| $21.77 | $21.80 | $21.34 | $408.6M | 18.51M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 289875 | $21.68 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $21.72 | 95078 | 4 |
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| Last trade - 16.10pm 21/06/2024 (20 minute delay) ? |
| FMG (ASX) Chart |