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19,607 Posts.
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13/01/13
13:18
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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.
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