It's very cheap isn't it? 98m market cap post-consolidation of Phosphate Resources, 51m net cash. 23m net profit in calender year 2014 when you add the minorities in. So that's ~4x P/E and it's less than 2x EV/EBITDA. And it's totally under the radar.
Seems to me that the only catch is the risk that the government tries to shut them down on Christmas Island - is that a concern? Sure, they got their mining license extended to 2034, but it sounds like there is still significant opposition to their operations. Any thoughts?
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