This ugly duckling may be one of the most undervalued stocks on...

This ugly duckling may be one of the most undervalued stocks on the ASX. Market cap of AUD23M and has 99M tonnes of coking coal in ground. Very rough numbers -> 99M x USD150/t x 1.3 = AUD19.3B in ground value. So the market is valuing this project at 23M/19.3B = 0.1% of in ground value. It is so ridiculous that Australian Super (who manage 2M Aussie super funds and are very smart cookies) have recently invested their mum and dads money to become JAL's largest shareholder. Coking coal of this grade has an instant market unlike other coal plays such as ATU who are battling to find buyers for their anthracite. Like a number of other undervalued ASX companies JAL desperately needs a PR company to promote this invisible stock. I suspect once the environmental approvals are granted this little duck will turn into a swan.