If you want to make a comparison with FMG share price i.e....

If you want to make a comparison with FMG share price i.e. demonstrate that AGO undervalued, then you have multiply by 2.89. Essentially you are just comparing MC. Think about it. If you drop the number of shares (divide by 2.89) then the share price will increase (multiply by 2.89) to keep MC the same...

It's good to have perspective and thanks for getting some numbers together but the argument is fundamentally flawed. I'm no expert in stocks but I can see from basic maths principles that your argument isn't correct.

However, 11c is probably a realistic target price if iron ore price at current levels. Bullish on this stock and have been in since the June quarterly came out. Good luck