Al10,Your calculations are correct, either way you do the...

Al10,

Your calculations are correct, either way you do the figures AOE is undervalued. As for the current sp i guess its a case of 'In the short run the market is a voting machine, but in the long run its a weighing machine' W.Buffett. Also prices move first and fundamentals come second. Right now no one wants to be holding resource stocks for a number of reasons regardless of how undervalued they are. Just have to take a longer term perspective on this company.