A snippet from a tip sheet called Morning Market (the market cap they mention is obviously a typo):
A Self-Confessed Metals Takeover Target
Some firms are even drawing attention to themselves. OZ Minerals (ASX:OZL) stuck up its hand as a target from invaders yesterday.
The rationale? It has massive undeveloped deposits of gold and copper…and it has a low share price. Most companies have only one of those two characteristics these days. No prizes for guessing.
We don’t own OZ personally. But we don’t mind admitting we have a soft spot for it. Especially at a price under $2. Really, the company has a market cap of $2.72 billion. As of the beginning of the year, the combined company had $2.5 billion worth of cash alone.
They must have spent some of it. But that still means investors are valuing the company’s assets at somewhere under a billion dollars. The market has priced its mining business like the company’s a small cap. In reality, it’s the third-largest diversified miner in Australia.
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