That NAV numberof $3.40 is a pretty solid number and...

That NAV numberof $3.40 is a pretty solid number and understated. E.g. You could take a midpoint between $5 and current price. Beyond that you really have to price predictions for the TiO2 and Zircon. There are ll sots of variables at he moment not least the AUD.

What you have to decide on is what is the risk for the return. I think the risk is overpriced hence comfortable with the $3.40 to $3.75 range at present with the $5+ number suitable 2-3yrs out.