HBM still cheapWith the share price dropping below $24 I decided to get back in here. They are likely to earn about 2.10 per share this year. Take the 700 million in cash off the market cap and you end up with a PE around 9. That is cheap given the relative weakness of zinc prices. One of the reasons I've been out of the stock for a while, and probably the same reason that HBM has been generally weak is that the market is expecting them to make an acquisition, and of course, the acquirer usually takes a bit of a hit when the deal is announced. At this level, however, I think this expectation is priced in. Furthermore, I wouldn't be surprised if they introduce a dividend in the next six months, possibly following the fiscal year end. Looks like good upside from here.