Big times ahead, page-54

@WhiteRhino

- capex comes as either debt, cash used or issued shares - dont ever include it in aisc.  in this case its cash + debt - so it increases the Enterprise Value.  (EV = mkt cap + debt - cash + minority interests)

- to work out what a company is valued at vs peers you use the EV and apply it against your preferred metrics - eg EV/EBITDA, EV/sales, EV/ ounces even if thats your thing

- as i pointed out a few weeks back when initiating my buy at 17.5c - MOY is currently on a EV/gross cashflow margin of 1.8 if it hits 100kozpa @$1100aisc in Jan qtrly

by comparison

DRM - 2.1

EVN - 8.6

SAR - 11.6

NCM - 7.2

SBM 6.3

the ratio tells you how much company is valued at vs its gross operational cashflow before overhead, the lower the ratio the cheaper the company valuation

ill also say this - the stock wont wait until June to re-rate because AUD pog has already broken out

but it does need to confirm its capable of hitting and maintaining 100kozpa @ acceptable aisc