I haven't taken a close enough look at FY2020's earnings, or what FY2021's earnings should be. I know there's much more to it than simply production and average received gold price.
Nonetheless if one simply ratios FY2020's 113.4 million after-tax earnings, by the increase in production (280k/230k because H1 was north of the top end of guidance) and by the increase in gold price as far as we know today (2294/2014, where $2294 = 56% of production at today's spot of $2389/oz and 44% of production at the $2174/oz that the next 4 quarters hedging averages), and ignore tax changes, one can roughly estimate forward FY2021 after-tax earnings at:
113.4 x (280/230) x (2294/2014) = 157.2, for a forward FY2021 P/E of 6.12
Again, there will be more to the FY2021 earnings, and I do not remember special items in the FY2020 earnings calc. But P/E 6.12 is "absurdly-cheap", in a company that has the earnings growth path, and mine life/reserves growth path, that RMS is on.
RMS Chart, page-1194
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