In a "fundamental value" sense. None. But I base most of my...

In a "fundamental value" sense. None.

But I base most of my assessment on "current operations" not "potential".

However all business' operations change over time, some improve their operations and capitalise on opportunities for the better, others deteriorate and miss opportunities.

My belief is that it is hard to know with any "certainty" which companies will improve or deteriorate their operations over time and who will be presented and capitalise on opportunities.

The past does provide some clues, but at the same time the past doesn't equal the future.

As with all markets, sometimes people start pricing the "potential" of a company into its price, which at that point the expectation needs to meet the reality for the price will fall (a bit like what happened with the MML share price back in 2011).

And conversely sometimes people start pricing the "failure" of a company into its price, so all that is required for the price to climb is for the company not to fail.

Late last year MML was priced as if it was about to shutter the mine, even though it was extremely unlikely to do so and given it had no debt it was unlikely to be "forced" by creditors to do so.

On top of that, and in contrast to being on the cusp of failure, MML looks likely to both increase their production and reduce the costs of the ounces they produce within the next 18 months making them even more profitable.

Anyway, to answer your questions, if I can't say MML offer the best value then I think I'd say RSG, then probably PRU. And of the bigger miners probably EVN.