I think AQP at 173p is very cheap. The market cap is about £450 million, but there is about £100 million of cash on the balance. This company will still be producing strong cash flows despite the fall in the platinum price, and let's not forget that oil has halved in price from its peak few months ago, which should reduce costs.
Stripping out the £100 million of cash, the business is valued at around £350 million. For 2009 I think pre tax profits around £180-200 million are plausible, making the stock ridiculously cheap.
In my opinion people are literally throwing away their shares, in a perfectly good highly cash generative business. More fool them.
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