lynas ''price to book ratio p/b'', page-3

Much as I'm bullish long and medium term about LYC, the premise of that article/recommendation makes hardly any sense. Is he really arguing that because the LYC price even at these levels is 3 times book, that makes it good value because only profitable companies have a high price to book?

With a PB of 3, LYCs book value must be around 550 million. Surely then it would be better if LYC had a PB of 30, since higher numbers are apparently better? In other words it would be better for the share price if the book value of LYC's assets were 55 million and not 550 million?

It's lucky LYC's book value doesn't include the 7 billion in-ground Dysprosium in the Duncan deposit, that alone would send LYC's Price to Book to a "disastrously low" level of less than 0.25!