Mate,
Markets are efficient - its human physcology particularly in the spec sector that is inefficient in that humans suffer selective bias.
I think you know that as well as I do and you're playing up on that.
- 20% of 35 billion tonnes?
- Comparison to CDS because it has coal (there are two types one results in a significantly larger EV/t) and is a recap so therefore should expect same return?
CDS is no longer a pure gamble like this thing is. It has EXCELLENT management in place, EXCELLENT projects and at a pure EV/t peer comparison this is undervalued.
Using figures published by Pattersons re: coal sector the EV/tonne of current CDS supports A MUCH HIGHER valuation. So, the 40c price target isn't a pluck based on previous sp performance. Its based on peer comparison of a comparable company. CAG and CDS are not comparable.
Also, the RR of CDS in the short term is much better than this thing with existing JORC'd resource let alone with an updraded one.
I don't have a problem going on record saying that.
I just find you asking people to "follow you" into CAG a very large gamble given that their are other plays CDS and UMC spring to mind that are spec but offer excellent upside that are much safer prospects.
I could say "look at where the Crabb's tool Paladin" but at the end of the day the projects must sustain themselves through fundaments not previous performance of other projects that have been bid up through peoples deep pockets.
CAG may go from 3c now to 7c like NSL but in what time frame? What are the downside risks during that time frame to specs with no fundamentals just previous performance? As above, I think CDS is undervalued on fundamentals whilst still offering LOTS of upside through resource upgrade planned for Q2.
In short, I wouldn't follow you if you were Moses.
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