Hi Ken,
Nice to see you here - I was just reading your posts on RIO and scratching my stubble thoughtfully.
Lets leave NTA alone for now...
BUT they are earning 400m - 500m p.a. after costs.
They have balanced the hedges and the books - mostly upside this coming year due to currency fluctuations..
So.. current market cap of roughly 0.50c / share * 8.5b shares = $4.25b
Earning of 400 - 500m gives a PE range of 8.5 - 10.5.
Is this historically high for this company?
Just quickly looking at it... in 07 they booked 1.1bn of profit (chortle) ...
Only 300m odd of this was "real" earnings from hotel/rent ... the rest was revaluation magic and imaginary funds mgmt cash.
So back in 07, 300m of earnings roughly on a like for like, and there were 2.2b shares @ $4 each... giving a grand old PE in my view of 29 !!!
Its a better company now without the baggage and is selling at > 66% less on fundamentals than it was in its heyday.
*ponders*
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