I guess they wouldn't until they start building out some mining infrastructure or begin borrowing money to begin the mine build-out. That's going to change the outlook that wasn't there when they were going to just be a mineral bank. Obviously that hasn't happened yet, but my point is it will happen at some point and that changes all valuation metrics when it does.
IMO when they announced the change in the Company model that hurt the outlook in some investors eyes. I read in more than one article that investors were turned off with their decision to go the mining route. I suppose that was because that pushed back the time frame on when money might start being made. I don't recall any analyst covering the Company even mentioning the change in direction.
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