Well, the results were up to expectations, and Fortescue now has a very solid concrete floor under it. Its on a Pe of about 5.3, which gives it a lot of wiggle room for unexpected events.
But the MD and team have an excellent record of delivering what they said, and not being deflected by the constant barrage of gloom and doom.
I have long said that I believe what they tell us, full stop. They are the experts on China and have never lied or misled shareholders. After today's result I see no reason to change my opinion or view. They have balanced debt reduction, sensible dividend, and reasonable future expectations.
What might have been. Anyone remember FMS? Lots of promise, large resource, but poor management. Ten years ago it and FMG were about 3.5 and 5 cents each, in today's money.
Its all about management, and FMG has the best in the country.
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