Just a flash analysis:
Expected contribution of Emperador to AGI’s net income in 2012 is 4 billion.
Use a PE ratio of 10 you’ll have a market cap target of 40 billion. Divided that by 15 billion shares subscribed will give a target price of 2.66.
Use a PE ratio of 30x to consider the growth potential of Emperador to arrive at a market cap of 120 billion, you’ll get a target price of P8.
I find it not attractive.
Disclaimer: I do not claim to be an expert and nothing I say should be taken as a recommendation to buy or sell. Read more in the ABOUT page.