ev/oz is enterprise value/jorc mineral resource (ie the total defined reserve + resource base in the ground)
ev/p is enterprise value/ production ounces
so quite different. ev/oz is a bull market metric generally used by explorers to puff up their value. pros only start using it when its a really frothy market.
what really matters for producers is ev/ebitda - enterprise value/ earnings before accountants and interest
the reason is because operating margin is the crucial thing ev/p overlooks.
down at chinese market
' that rsg guy, you know... he have vewwy vewwy big production, big chang', says one elderly asian looking lady to her friend
and her friend looks back
'yes yes i heard. but i also hear big production, big chang - not much ching.'
the friends break out in laughter. the first says ' reminds me of my late husband',
My view - dont ever use Ev/P - none of the pros will and they are the ones who will be driving the stock prices
was a poor choice by rsg. you wont see that comp used in any peer presos i bet
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