rcman, I;m not going to run an entire Discount cash Valuation on this thread, but my reasonings are purely fundamentle, current PE about 10 - 10.5, earnings about $2.60 - $2.80 ps AU, cash yield 4.5 +% with franking credits, compounded div growth 3+%, my DCV has it at $38.50 fair val. $41.00 sell and $35.00 or under buy.
Diversified portfolio of tier 1 assets 80% of which are lowest cost producers, new compitition growth over the last five years has been ordinary at best, FMG likey the strongest IO but only 155 mt at less grade, the rest most of which are ozzies have fired up resources that can't produce at a cost above the 10 year average and in some cases the 5 year average, but while the current SP slump maybe about IO, BHP earning are generated of a diversified base.
I certainly not a blind faith investor and I have been wrong before but for me it stacks as a good buy.
Tetete, 1/4 of the price really?, let me know when you find something yeilding 18% franked.
Rcman don't worry about an argument, good banter in just good banter, apoligize if I affended you earlier.
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