market update - nice update, page-6

My calculation is similar.

If America were to somehow recover which would being up nickel prices and improve the exchange rate, then we would have another buster year. I'm not suggesting that they will though.

I'll be happy if we can get $220m profit. Assuming MRE returns 75% of that to shareholders (they don't seem to have many opportunities to spend it...) than that's 18% dividend yield ($165m of dividends divided by $910m of shares).

Maybe the SP is low because people see nickel prices at risk because of America being not particularly stable. At current prices though (SP, nickel, exchange rate, production guidance), MRE is good value.