Not sure why it is a dog resource and that very may well be your opinion however coal will continue to have a place in the energy sphere and in the production of steel and therefore will be in demand for many decades to come so the comparison is valid.
Nothing goes up forever and so something that is emerging now may not be the case in 1, 3, 5 or 10 years depending on supply and demand. Find a resource that isn't cyclical and subject to supply and demand therefore volatility in valuation.
Find an emerging resource transaction that's occurred on 12.5 times. Fund Managers, with long term absolute recurring revenue don't even get 15's in transactions.
Not sure why it is a dog resource and that very may well be your...
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