MBI should also add that I totally agree with you that BRM will...

MB

I should also add that I totally agree with you that BRM will never be valued as high as FMG. And if it is I will be out long before that.

But using current fully diluted shares on issue, the "peak" of BRM's price on an FMG valuation will be $289 per share (note there is no decimal point in that price!)

7-10% of that price is realistic in my view or a market cap of circa $2B-$2.6B. (or a share price of $30 or so).

Remember it is the market cap of the company and the earnings potential that are important to valuation, NOT the nominal share price.