How is that a paradox? The profit margin a year ago was about $95-28= $67. The profit margin now is about $45-15= $30.
(ignoring hedging, and simplifying)
Looking at our production, reserves increases, etc., the picture looks incredibly good if you ignore the POO. If the POO hadn't hit the fan imagine what our share price would be now (and how much more comfortable my life would be! ). The good news is that we are chugging along remarkably well with big reserves so assuming the POO does recover, we should do very very well. That may take 6-24 months, but even so, with the economics as they are we're not overvalued now anyway with a share price this low. It may get better, worse or stay the same in the short to medium term, but long term, wow, it looks good.
I think many are sitting on the sidelines waiting for a clear time to enter, which admittedly isn't a bad strategy and I wouldn't want to buy in now myself unless I had money I knew was not going to be needed for a year or two.
SEA consistently does all the right things, it's just a matter of waiting for the POO to improve.
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