number crunching, page-6

corporate.

Good post.

I would knock off $10/t.

Where did you get the depreciation number from? Is from a presentation? As I believe it was closer to $7 per tonne.

The big issue is what will the market assign to the PE ration?

Recent volatility makes it difficult to assign a higher PE, as the underlying earnings number was impacted with recent falls.

Imo a PE of 6 gives a SP of around $2.03. So there is definitely upside.