mlsoft
the 24x excludes g&a and taxes. I haven't seen the latest financials after the merger to guess what these might be so the company is trading @ 30+ times current year earnings.
Its just if all the miners are trading @ 30+ eps (the unhedged ones) then its too late to buy based on valuation (If Zeev's memory is good enough he'll remember my recomending glg a couple of years ago on Steve's SI thread when the stock was below $1.5).
As a trader of course the miners can run farther and higher but from a value standpoint, no unless gold moves higher. I don't base my valuation on comparisons to other over valued companies. I agree completely glg has under valued proven reserves as the company has taken many writedowns as gold decreased in value during 2000 and 2001 time periods.
Actually I just looked @ AMATs valuation metrics a week ago. AMAT is a value @ around $5, not at these levels and as it approaches $5 I probably still wouldn't like it as I expect some heavy damage to the semi equip makers in the coming months.
Good luck. I sold it @ 10 (when gold was @ 320) a while ago and won't be interested till some things change (either gold goes up or their production goes up)
Just my views.
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