To be consistent with your approach, you should use the same PE year base-what is 20 times the MGX profit for 2003/4?LOL
Geez , some people may also consider little items such as the resource base and mine life/quality /type of iron ore/ opex requirements/capex requirements/balance sheet differentials/ etc, but why clutter it up with facts when you can simply use a valuation methodology that is more appropriate to the industrial sector as opposed to the mining sector.
Please read the Grant Samuel valuation on WMR to get a feel for how it is done properly-then work your way down to companies of this size.(Hint-try to understand a 'beta'LOL)
Cheers, TAS
valuation, page-3
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