Westpac says ...
* Our valuation is $3.55ps. Long term assumptions are US70c/lb lead, US90c/lb zinc and US$10/oz silver.
* We use an A$/US$ foreign exchange of 0.80 and a 10% discount rate.
* PEM’s share price has languished since the tragic death of an employee in January. We believe the company should re-rate as production returns to normal levels and a second cashflow stream begins from Flinders.
....and they are conservative.
Future earnings are expected to yield a PE under 3!!! Has around $200m in cash! Market cap just over $500m. If there is a better buy please tell me!!
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Westpac says ... * Our valuation is $3.55ps. Long term...
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