The table on the second page of Macquaries report says it all and explains the SP since the deal was announced.
OXR EPS for 2009 was to 55 cents per share which on a conservative multiple of 10 x is $5.50 per share which is where we could have been.
EPS with the Zinc miner attached decreases to 31.9 cents per share. Based on 10 x multiple is 3.19 cents.
Shame on the board of OXR for doing this. OH is a moron.
Oh and to make you feel better they forecast EPS of 61.2 cents for 2010.
We have been duped and the share price is accurate. BHP is trading on 10 x 6/09 earnings remember.
We have 10% upside at best.
OXR
oxiana limited
