SP drifting downward

From what I have read, things should improve in WA, so I am surprised that FRI's SP has stayed low. Good news includes the GST carve-up that renders unto WA what should go to WA, plus the huge investments announced, or anticipated in RIO's case, to allow export volume expansion of high-quality iron ore within a setting of normal mine depletion – see https://www.copyright link/business/mining/iron-ore-spotlight-shifts-to-rio-tinto-20180614-h11ewj.

The 17/04/2018 Announcement moots an FY18 NPAT of $12m, which although not fantastic, is a meaningful improvement relative to the previous two years.

................. Y08 -- Y09 -- Y10 -- Y11 - Y12 --Y13 - Y14 -- Y15 - Y16 - Y17
NPAT (m) 12.2 .. 19.0 .. 23.6 .. 24.0 .. 26.8 .. 31.2 .. 36.5 .. 26.2 .. 8.8 .. 5.3
EPS (c) ......8.7 .. 14.0 .. 16.1 .. 13.0 .. 12.6 .. 14.5 .. 16.4 .. 11.5 .. 3.8 .. 4.8

There are now about 270m shares (4,680,509 + 33,333,334 +231,400,000 = 269,413,843), so EPS should be about $12/270 = 4.4c – a smidgen below FY17. This gives FRI a PER of 20, which is high for a steady-growth stock. This suggests the market expects things to get better, which can easily happen in time (but when, and will it happen?).

I have not attempted to estimate what the EPS may be for FY19's and further out years.

That until fairly recently Management saw fit to buy-back shares, and then issue circa 38m shares at at a lower price is odd. Were they strong-armed to keep Hansen busy, or by interests in the Canning Brook project to start construction earlier than scheduled? The Announcement relative to the capital raising reads in part, “The net proceeds from the raising will bring forward the start of construction of the three-stage $350 million Canning Bridge project in Applecross and will enable construction of the two stage $108 million Palmyra Apartments Estate project to commence immediately.”