Grass Roots Fertilizer Stocks

[Tackler]

Nice for my ISX comparisons, so of the big whack of properties they only get 25% and of that there are only "several potential focus areas".

When I calculated using ALM at 25% of all the property and assuming all the property was comparable (which it is not because obviously they are targeting the sweet spots)
this is what I got:

ALM j/v = 58M tonnes to ALM (25%)* 10 (other properties) = 580M tonnes
Using market cap of $50M/580M tonnes = 8.6 cents per ton K2O.

ISX mk cap is $15M/970M tonnes = 1.5 cents per ton K2O.

8.6/1.5 = 5.7 Target price for ISX 5.7 * 1.08 = $6.16

I like it! ALM threw the baby out with the bathwater when they signed on BHP!