No it hasn't changed - I was just trying to explain to Mongrel that the value of the business is not 100% an addition to cash , especially in terms of how analysts see it . Mongrels assumptions that if IO fell below cost then the business value ex cash goes to zero is wrong , as it could go negative depending on how long they continued to operate . Currently I do ascribe value to reserves and production, but analysts don't .
My sentiment is what it has always been - still undervalued by about 30-45% IMO
3% creeping acquisition limit exceeded - takeover offer tomorrow morning?, page-73
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|---|---|---|
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