MRE needs a ~$500m profit at a PE of 10 to have a SP around $4.82. The first half of 2011 had NPAT of $27m, extrapolate to $54m for simplicity. $54m is a far cry from $500m.
With nickel trading cheaply and the AUD so high, $500m NPAT will be hard to achieve, and if the nickel price rises then the dollar will likely rise further too.
Ann: Target's Statement , page-4
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