Cheers Joel, it's an interesting read, though.... I found some...

Cheers Joel, it's an interesting read, though.... I found some inconsistencies in it.

I agree with you about the low hanging fruit, though I somewhat disagree with their view on mature fields/companies that are solely reliant on higher POG (sure... higher POG is enabling higher margins, but it's also enabling some of the mid tier producers to plough that FCF into their 'aging' mines, though not all.... RMS and VAU are the two biggest culprits! ).

I have written three different posts on this, but... every time I get close to finishing it, I delete it all. Perhaps I just really dislike their writing style.

Their estimates for FY26 is.... brutal...




Though, there is some excellent thoughts near the end, that basically mirror yours and my thesis...
I like how they highlight that PNR is pretty average at actually providing clear information on its LOM plan......



The peer group table was very interesting... (ALK holders might enjoy the comparisons, well... if they are buying at these levels anyway).



Agree @JollyJohn - that slide was particularly interesting, albeit, as I keep banging on about... VAU and RMS are basically emptying their cupboards to give off the appearance of affluence. I think I did a post a while back on just how much the Malony's have invested (it's north of $70m, so my guess is that they would want that as a minimum).

The sector did well overall today, but some interesting laggards