IPO - Jupiter Mines Limited, page-116

I'm a bit surprised by the early price action. This was a hotly anticipated listing, or at least in my investment circles.

I had my own (what I believed to be conservative) target of 52c before JMS release their Q1FY19 report, but it's early days yet.

With 1,948m shares on issue, FY18 net profit after tax of 1,901 ZAR m (49.9% = A$101m), and a P/E ratio of 10 (conservative given current Mn ore prices are ~50% higher than the FY18 average):

101 / 1948 * 10 = $0.52/share

Not quite sure how the reporting works in this scenario. The financial quarter appears to be Mar-May for Tshipi, but Apr-Jun for JMS. I'm assuming we'll get a quarterly update in June and a 4C in July.