relative value, page-4

Fundamentally, the challenge for IGR is to deliver good NPAT & EPS
over the next year so that if one uses a nominal P/E of say 8 that we get
a SP in excess of 60c. ( EPS 7.5c+/share)
Recent dilution, poor grades and plant stoppages will severely challenge the EPS.

Once the hedge is retired and if UG is as successful as expected, then
the EPS should be fine but that's probably more than a year away IMO
and as with IGR in the past, much can happen in a year.

with kind regards
Moorookamick