They should be in the top 5, with nearly 3 billion shares on issue!
But seriously, I just used the standard valuation metric of Market Cap / Total Assets:
PLS
$2.9 bil / $600 mil = 4.8
ORE
$1.7 bil / $1.7 bil = 1
Also had a look at Price/Sales:
PLS
33.9
ORE
16.4
Using FY 20 accounts, so obviously sales have since picked up for both companies.
Yes, this is before the Altura acquisition.
Another asset.
But funded by share dilution.
Ignoring the cap raising and just adding the $240 mil asset, this would change MC/Assets ratio to 3.5
Still overvalued.
I was also of the understanding that ORE's battery grade quality issues had been largely sorted...
