The better metric, according to Joel Greenblatt, is earning's...

The better metric, according to Joel Greenblatt, is earning's yield. He wrote a famous book basically saying the best performing companies over a decades long trial period, had the highest combination of earning's yield & ROA/ROC.

EY was calculated as EBITDA/EV.

Assuming NIC do 80m EBITDA this quarter, factoring in last quarter's 120m, and, if NPI prices continue to rebound and costs continue moderating, another two quarter's of 100m EBITDA to round out the financial year. That gives us 600m AUD EBITDA divided into a 2.95bn EV = 20% earning's yield which is great. As for the return on capital I'd assume it's relatively low atm but should only increase over time if they execute their plans. This (fairly average & presumptive) analysis would indicate some serious upside to the share price if things go 'well' or 'to plan'.

Probably overshot to $1.60 s/p early 2022 and probably overshot to the downside here around 60c. All about finding value with long-term view. Hoping to start accumulating very soon. Good luck all.