17% of portfolio value lies in platmin - which still has to get firing, and very little is known about its projected cash costs and production. 24% lies in Faberge, but I have tried in vain, and can find absolutely nothing about the balance sheet of this company. 25% of the portfolio is in cash, which is a good thing right now. The rest is split up in steelfeed business and a missfiring Gemfields investment (2.6%). So how do we arrive at a price? I guess everything rides on Faberge and Platmin, which makes PGL a pretty risky bet, IMO.
look at Richmont as regards Faberge- BUT where is their stuff made - eg if Swiss made then not good - in this business its all about outlets - and this is super rich stuff - a naroooooow market - but one less inclined to suffer when compared wiht Richmont's.
Reading their prospectus, the value proposition around Faberge is that they are circumventing the expensive luxury store distribution model in favour of online sales. This is a completely untested model, so the jury is out as to whether it will succeed.