I have done a quick calculation of PGI's future P/E a few weeks ago.
It now appears that the Company has fixed most if not all the "bottlenecks" that prevented steady output close to capacity.
I also want to be on the "conservative" side in my revision. Please correct me if I have overlooked or used the wrong numbers:
Estimated P/E for March Quarter 2013
Gold output(85% of 69000/4) 14662.5 oz
Silver (85% of 629200/4) 133705.0 oz
Sales - gold (14662.5 x US$1320/oz) US$19.36m
- silver (133705 x US$30.5/oz) 4.08
Total 23.44
Less Production cost (cash per PGI) 7.00
Depreciation (non-cash) 3.75
Admin (cash per PGI) 1.10
Profit before profit share 11.59
Less 25% profit share with DR Govt 2.90
Net Profit for quarter 8.69
Annualised net profit (8.69x4) 34.76
Shares on issue 772.6m
Earnings per share $0.045
Current share price $0.10
Estimated P/E 2.22 times
Please note I have used 85% of designed output and the "hedged" gold price for sales
revised p/e estimation
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