Significantly undervalued, CY20e EV/EBITDA of 1.2x, page-34

The story for SBM is quite complex. They had a mine collapse and were weeks from bankruptcy before they received an insurance payout that kept them going long enough to get the Leonora mine into operation where average grades of 16g/T enabled them to earn enough revenue to climb out of debt. It was quite a unique situation. I worked there and the CFO told me the whole story story historically. There's no tangible parable with A40.