The September quarter included a one-off from the true-up against the Japan reference price, so you can't extrapolate that to the December quarter.
But your point is valid regardless.
With the price lag mechanism, as of March 2023, YAL's EV is nearly certain to be less than $5bn.
In mid-2020s during COVID lows, YAL had a higher enterprise value with NEWC below $100.
It seems the market cannot price securities with such a large amount of quarterly cash generation. The current EV will not show up on any "screens", but that will change after the full year results in late Feb.
Even with all the ESG BS, I believe the market will prove to be an arbiter of true underlying value .... in due course.
The September quarter included a one-off from the true-up...
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Last
$6.81 |
Change
0.070(1.04%) |
Mkt cap ! $8.992B | |||
| Open | High | Low | Value | Volume |
| $6.74 | $6.87 | $6.71 | $10.50M | 1.544M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 6043 | $6.78 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $6.82 | 30193 | 2 |
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| Last trade - 16.10pm 26/07/2024 (20 minute delay) ? |
| YAL (ASX) Chart |