Pro, I hear what you are saying and, yes, based on today's earnings it is over valued. But no one is valuing this thing on today's earnings but the potential for tomorrow's earnings. Wrong stage in the company's life cycle. Don't use steel stock metrics here as you got off the lift at the wrong floor.
I was negative around 20 cents because it had got out of hand based on the present news flow. In fact, I sold the lot for a great profit (even got abused around here - who is laughing now???). However, at 14 cents I am happier and to buy it below that is cheap.
I would not be surprised to see it range trade for another year or so. Once concrete results come through - like carsales.com - off she'll go.
WFM Price at posting:
13.0¢ Sentiment: LT Buy Disclosure: Held
