When the boat comes in???, page-1347

Hey all, I've only recently come across this stock so apologies if I’m completely wrong on my assumptions here. But from what I can see, this stock appears incredibly cheap. From what I can tell, it seems to earn anywhere between $70-100m (and perhaps $30m when iron ore reached its lows back in 2015). The company is currently valued at around $325m and has net cash of around $200m and no debt.

So essentially the earnings of the business are being valued at roughly say $125m. On average, assuming through the cycle the company makes $60m after tax and depreciation, it’s currently trading on around 2x earnings, which seems unbelievably cheap!

I’m a little worried that I’m missing something here. I see it’s 40% owned by a Chinese steel company which I have no knowledge about. Otherwise I’d love to know any other reason that anyone might have or if there’s just something blatantly obvious that I’m missing here (which could very well be the case so I apologise!)