Well Vayama no one else has so I have to respond. Era is saddled...

Well Vayama no one else has so I have to respond. Era is saddled with long term contract prices way below current and it is well recognised that with current prices or increased production their price would be a lot higher. In order to get Pdn into the frame you wanted, you have taken production forecasts for 2012 - lets take production today 3.5 mllb which on your calculations makes pdn market cap 1.2bl. But it is 2.8bl - era produces 11.8 Mlb v pdn 3.5mlb - 3.5x but market cap difference is 1.5x - using your rules and comparing ags to era we would get a market cap of 500ml or $1.50 - about right I think - and a Pdn comparison about $1.75 for ags - good valuation method I think.