Hi Caromb15,Sorry, it does look a bit confusing without clearer...

Hi Caromb15,

Sorry, it does look a bit confusing without clearer explanation.

The PER = 20 figure is a variable which I am using across an entire workbook of gold stock models (basically because that is around the sector average for small/mid producers). I then use what I have termed 'Minelife factor' to set a premium or discount % for each individual stock - for MML I am using 75%. So I end up with an estimated x15 PER for MML in order to derive an estimated target price.

Clearly, the market is currently applying no such earnings multiple for MML and the current PER is indeed well below x10.

I hope that makes things clearer.
CPDLC