Some takeways from this QR: 1. The pellet premium to Platts 62%...

Some takeways from this QR:
1. The pellet premium to Platts 62% Fe was 49% resulting in an achieved pellet SP of A$133/t
2. The C1 was A$85/t on pellet production of 550kts
3. The C1 margin was A$48/t
4. EBITDA = A$35m
5. PAT = A$24m
6. EPS = 2.04 cps
7. Cash + Debtors = A$155m
So currently:
1. GRR's MC = Cash + debtors = A$155m
2. The MC does not incorporate any value for the earnings potential of GRR.
3. Simplistically if the current IO prices prevail then GRR's FY PAT = A$100m OR EPS 8.16 cps.
4. The MC should be somewhere between A$655m (5 times A$100m + cash A$155m) and A$1155m (10 times A$100m + cash A$155m)
5. Put another way GRR's SP should be somewhere between A$0.65 and A$1.14.
The GRR SP has now broken out of its consolidation range and appears to be on a upward trajectory. Maybe the ASX has realised the substantial GRR undervaluation and is now going to re-rate GRR. Let us hope so! In any case please DYOR