Thanks Drucken; Good work. I've done a similar analysis.
Just adding to your work, you have non onslow mining services saying running at $500 m ebitda pa, on 10 X = $5 bn of value.
FMG's iron ore costs are considerably lower, justifying that part trading at a premium to MIN, but MIn also has a fairly simple expansion option to 50 m tonnes, which would make it a quarter the size of FMG.
Once you add the mining services part for Onslow, the brekeven for Min is about $35 to $40 US per tonne, which is probably similar but a bit above FMG.
It looks quite cheap relative to FMG to me, putting all this together.
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Last
$23.45 |
Change
-0.450(1.88%) |
Mkt cap ! $4.608B | |||
| Open | High | Low | Value | Volume |
| $23.52 | $24.29 | $22.95 | $57.22M | 2.424M |
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| No. | Vol. | Price($) |
|---|---|---|
| 3 | 5342 | $23.45 |
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| Price($) | Vol. | No. |
|---|---|---|
| $23.52 | 1725 | 2 |
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| Last trade - 16.10pm 16/06/2025 (20 minute delay) ? |
| MIN (ASX) Chart |