No First Half Report Yet?, page-19

As @cptcaveman mentioned I think it's even lower than 2.

According to my figures, in AUD terms, they've just reported a A$44.1m NPAT for the first half.

They confirmed that they expect the 2H to be much the same as the 1H in terms of production and costs.

So if we assume a FY NPAT of 2 times 1H NPAT, that implies a PE of 1.4 (MC of A$125M/A$88).

That said, I tend to prefer looking at ratios based on Enterprise Value (I use Market Cap + Total Liabilities - Current Assets) rather than Market Cap.

And given that MML's balance sheet is strong at the moment it makes the ratios look even better.

ie: EV = A$124.7m + A$30.6m - A$83.1m = A$72.2m

So on a EV/NPAT ratio it's trading at 0.8

And on a EV/EBITDA ratio (which is quite popular) it's trading on 0.6

When you consider that most ASX listed gold miners who are producing 100k+ oz/year are currently trading on a EV/EBITDA ratios of between 3 and 7 it makes MML look dirt cheap.