couldnt resist buying a little more today.
Lets not forget cash backing is at 54c/share.
Which means that at $1.19 a share on a per share basis the market is placing an EV value of 65c/share on IOH.
Earnings of say $25m per annum is 16c/share, on $75m is 46c/share JUST for Iron Valley on conservative IO price assumptions.
Based on the above figures IOH is still deeply discounted and really Bucklands upside isnt even figured in. Its really a free option on Bucklands going ahead, and this is the bigger and better deposit than Iron Valley and the IO price remaining robust.
Foster stockbroking slapped a $1.74/sh valuation on Bucklands on an unrisked basis.
http://www.fostock.com.au/announcements/iron-ore-holdings-ioh-asx
Still a bargain to be had.
couldnt resist buying a little more today.Lets not forget cash...
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