Just to balance it up, I would also addd it's not an SBM only...

Just to balance it up,

I would also addd it's not an SBM only problem i.e. there's also the fact that the whole sector has been a bit of basket case of late.

For example, lets take black's three favourite stocks NCM, KCN and PRU and compare it with SBM.

NCM 16.46 24/10/2008 (GFC Low)
NCM 43.47 9/11/2010 (High)
NCM 29.97 20/9/2012
NCM 20.89 23/7/2012 (Low), now 21.68

NCM 50% drop in 2.3 yrs and 30% drop last 0.5 yrs
(24% above GFC Low)

KCN 2.20 24/10/2010 (GFC Low)
KCN 12.30 11/10/2010 (High)
KCN 6.20 3/10/2012
KCN 3.27 21/2/2013 (Low), now 3.99

KCN 67% drop in 2.4 yrs and 35% drop last 0.44 yrs
(81% above GFC Low)

PRU 0.20 24/11/2008 (GFC Low)
PRU 4.05 12/9/2011 (High)
PRU 3.00 5/10/2012
PRU 1.485 21/2/2013 (Low), now 1.76

PRU 56% drop in 1.5 yrs and 41% drop last 0.43 yrs
(780% above GFC Low)

SBM 1.02 4/8/2008 (GFC Low)
SBM 3.09 8/11/2010 (High)
SBM 2.40 18/10/2012
SBM 1.09 4/3/2013 (Low), now 1.255

SBM 64% drop in 2.3 yrs and 54% drop last 0.4 yrs
(13% above GFC Lows)

SBM is certainly trading closer to it's 2008 GFC Lows compared to its peers, but really is not too different over the last 2-2.5 years. Hopefully, that means more upside in the months and years to come.