I did some rough numbers after guidance, but they were rough. PE is 16x vs peers that are running at 18x-22x. If you assume 1H19 guidance on a trailing basis, it's notionally trading 8x, very undervalued to me.
Any contract announcements made after guidance would likely not be included in the numbers, they can't book money they don't have a firm commitment for imo. We won't see this in the 1H results, but guidance for 2H should reflect these new contracts, less any issues that have arisen since.
All IMO.
Good stuff. This RIO contract could (and should) lead to further contract work at the mine as it progresses.
Ann: Contract Award Koodaideri, page-15
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