my valuation of pem most hc have nfi, page-8

OBVIOUSLY fed-ex there will be a higher cost structure if less ore went through and production lower

this is all a ONE-OFF

costs have been rising for everyone

PEMs costs/llb produce or per tonne will look much worse due to less throughput due to closure

When all production ore throughput is normal, the costs will be lower

this is obvious.

you can use a NPAT of 25-30% and youll arrive at the commsec forecast

Say what you will BUT......next yr is what im looking at:

we're looking at 90cps EPS easy with BELTANA and Zn price of $1.50.

PE 5 gives me $4.50

thus its trading below its intrinsic value by 15%= discount for risk whichll minimise over time if they can maintain full 'normal' production and beltana production with no hiccups and as the growth in EPS in future years becomes more evident.