We acted on our valuation opinion towards OZL exiting the stock into panic buying in March, we like the company but like all stocks it’s both cheap and expensive at different levels. The trouble with OZL in our opinion is that the stock is still priced fairly optimistically and if copper slips further towards our $US400/lb target it’s easy to comprehend this particular miner 6-8% lower i.e. this is a great example of a stock we like but not just here although after correcting 22% it certainly looks more attractive than earlier in the year.
MM likes OZL around the $22 area
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