Share Price of WM$2393 US/oz gold x 212 000 oz/year x 12 years = $6.09 bilion US value for WM. WM market cap is $96.54 million. The market cap is 63x below total value. Even for a buyout one would expect a price at least 1/8 of the value which is $0.74/share ($761.25 million market cap or $299 US/oz).
The average gold paid for reserves between 2012 and 2021 was $186.98 US/oz. The average gold price between 2012-21 was $1424.50 US/oz. That's about $975 US below the price of gold today. In 2021 the price paid for gold reserves was $436.41 US/oz and the average price of gold was $1800 US/oz. Now we are talking reserves and not resources, but even reserve and resource price of gold paid was $171.45 US/oz with $1800 US/oz gold prices. So if we went with $171.45 US/oz value paid for gold resources @ the current $2393 US/oz gold then the market cap of WM would be $436.17 million or $0.43/share.
Even if you take the average paid for reserves and resources between 2012-21 which was $76.26 @ an average gold price of $1424 US/oz, it still works out to a share price of $0.19. So this should probably be the minimum bottom end price of this stock and the stock should then be trading at prices higher than that.
So I've given some high end numbers and the minimum base number that I believe is reasonable for WM given the resource numbers of indicted and inferred. Any thoughts?
9.5 cents continues to be a ridulously low price for this stock. I will certainly be adding at these prices.