it is really becomig a joke...it reminds of the high-tech small caps in 2002....enterprise value had to become negative to lure buyers...we are almost there!
I do not mind the common, it can be easily manipulated but the preferreds and the baby bonds of RAS have been hammered beyond any logical. There must be something going on otherwise their credit is the greatest buy in history.
The company looks incredibly cheap but just because estimates are way too high. It seems to trade on a p/E of 17x and an ev(ebitda of 3.6 for 2017 but the reality is different. Break-even palladium (Pd) and platinum (Pt)
prices for SWC (based on AISC guidance) at approximately $690/oz Pd and $1,030/oz Pt which are higher than spot. I was inclined to buy but then I think we must see a bottom in spot prices first. If Pd is driven by auto demand in China we are still in a downward trend.
sure you can buy it for 20 cents...so what? The market clearly knows there won't be a higher bid. You bet on that but it is just a bet.
It seems analysts are rather skeptical, started the company with neutral ratings mostly. Future growth seems hindered by competition. Anyway all these issues seem in the price. Looking for a base to start a position.
Yes, let's see. Anyway I think everyone (including the professional investors) have deserted the secor and thrown the baby out with the bathwater. I want some guru to explain me why the lower dividend NYMTP is trading 1$ above the higher dividend NYMTO!! There are other examples of this kind of inefficiency in the market, especially in the not rated high yield sector. There are corporates (same company, same maturities, minor differences in covenants) trading 20 points above others only for liquidity reasons. Cash is king and we are in a random walk street,