Can someone help me here.
Revenue was $4858m. Fortescue shipped product was 80.3mt. This implies a realised price of $60.5/dmt (from $82 benchmark). The company states they received $66/dmt. If the quality discount is indeed 26% (instead of the 20% implied by $66/dmt received) then calculations of operating profits need to be redone...
Folks if we then recall the recent (unaudited) quarterly which sent the SP rocketing from $1.92 to $2.70. The average realised price was apparently $63/dmt from a benchmark price of $74 for the quarter (a magnificent discount of only 15%). The benchmark price moved lower in that quarter yet the discount narrowed substantially? Either they must be selling their best dirt (can't last for long if so), or something stinks. Big time.
Time to go long, page-29
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