2014 FIRST HALF LAST SEPTEMBER SHOWED HEPS OVER 19 CENTS. RECENT PRODUCTION UPDATES FORETELL RESULTS AT LEAST AS GOOD AS FIRST HALF. SO FULL YEAR HEPS MUST SURELY EXCEED 30 CENTS AT WORST. THEREFORE THE TRADING PRICE OUGHT TO EXCEED 300C, EVEN IF YOU ASSUME A PE OF ONLY 10. AGAINST THIS, MANAGEMENT MAY MAKE A DECISION TO PAY OFF SOME DEBT OR OTHER. FROM WHAT I SEE, I AM NOT SELLING BELOW 320.
tricky investment this - great company with a *****py product. You can up the production all you want (and it is admirable how well that is going to plan) but it don't help at all if a) your export quantities are capped by Richards Bay and b) global markets are in oversupply resulting in continuing slide in the export price.