my target price is $1.59. last traded 60 cents, page-4

Vayama,

That is what I believe CXM to be WORTH right now. I have no idea (and never do) know when the market will recognise it.

The value of the DSO exports is discounted back to present day prices, and I am valuing the two JV's not on the basis of their future income (which is a real stab in the dark), but on what has already been agreed by WISCO and Baosteel.

One also assumes that WISCO and Baosteel believe their investments are value accretive also, otherwise, why invest?

Who I am to tell the market when this will be reached? That is just what I think fair value is NOW.

IO prices will change, exchange rates, drilling etc.

Just a snapshot. Not a prediction.

Hopefully my valuation is at least closer to the correct value than the market price is :)

Y