tophat - very interesting analysis of what a share price 'should be'. There are many exceptions to a company being worth "3x its annual profit".. There are so many examples of share prices being nowhere near this (much higher) based on nothing but rumors, and just as many examples of share prices being so far below this.. very easy example is "did BHP's profit fall 3% PA today?... then why did it's shares?" and... If this were to apply to BHP, then their market cap would be $50b and shares $15. A better way to look at the prospects for TMR share price is to look at what people were prepared to pay for the stock prior to the investment community losing many billions of dollars in so called 'safe' investments, and rushing to the exits on anything that was considered less than 'safe'. IMO the entire price rating for TMR and many other junior mining stocks has been sold down to the extent that none of their future prospects are being taken into account whatsoever, and they're basically being valued at the amount of cash they could put together on any given day, and in some cases much less than that.
Moreover, TMR will rebound with the rest of the market when the rest of the market rebounds. To what extent it rebounds to its previous trends is unknown, but you don't have to be a rocket scientist to realise that they've created a lot more value in the group over the last 2 years to justify more than 10c a share.
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