Some thoughts on SBM FA valuation.
Market Cap today at $3.37 and 521M shares is A$1.755B
Cash at Jun 30 is A$343M
Equity investments $21M
Say cash Jly/Aug/Sep $50M gives A$414M in cash and equity investmnets
Market cap stripped of cash is therefore approx $1.35B
FY18 eps $0.39 at 521M shares is $203M gives effective PE of 6.6
Div yield at 12c divi is 3.56% grossed up 5%
Gwalia alone had FCF of $255M at a 62% margin