Ann: December 2018 Quarterly Activities Report, page-33

Actually Jogo - from the logical sense you have shown I must concur and perhaps NST really are a sell.

From my calcs their net EPS from their previous guidance should be 50cps which at a PER of 15 gives a fair price of $7.5.

So yes perhaps the market should be selling and those that think NST will either make another tier one acquisition of 300k+ oz/yr should speculatively accumulate - because if my EPS calcs are accurate that would drive their EPS up to 75cps and by PER 15 make 
about $11 fair. 

Who knows, maybe the speech about sustained growth being the theme was BS - but certainly the reality is that so far it's played out true and the senior operational team they've put together are very worthy.

Ok NCM have economies of scale - but with that scale also comes a lot of inefficiency which I dont think ST will allow - hence in 10 years time NST may well be at a comparable price to NCM because already their FCF is so impressive against NCMs - yet for less than 40% the oz production rate.

imho

GFO