Kind of blox.
It is loosely a hybrid dcf view, which brings it back closer to something meaningful with cash alternative stripped out, net debt added in etc.
But detailed dcf (with future sustaining capex etc in) is much better.
The key valuation issue isn't so much the iron ore price which is getting much closer to what the cost curve would suggest is sustainable, it's the widening spread on the FMG discount. That 10% drop in realisation is equivalent to their C1 cost base being 50% higher.
Iron ore price, page-834
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Last
$22.00 |
Change
0.410(1.90%) |
Mkt cap ! $67.73B | |||
| Open | High | Low | Value | Volume |
| $21.93 | $22.09 | $21.58 | $138.1M | 6.316M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 9247 | $21.99 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $22.00 | 3521 | 3 |
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