At R67.00, JBL trades on a depressed multiple reflecting near-term smelting margin compression, but the emb…by @braam_fundamentals on $JBL

At R67.00, JBL trades on a depressed multiple reflecting near-term smelting margin compression, but the embedded value in its PGM processing platform and offtake agreements supports a materially higher normalized intrinsic value if one models through the commodity cycle. The 1.47