their calculations and reports are very in depth ....the three analysts never dropped their target below $15.00 even in the finincial meltdwon ...and i dont think ever had a sell rating on it ...and believe me they have lots of sell calls on stocks that they had covered and had buy ratings on it ...

anyways they have a very reasobable NAV of 30.80 on teck after taking out debt on Fording ..with a p/e of 8 at .50 cents per share (based on last quarter you get around a value of 8 billion on earnings ...divide 38 billion by the 585 million shares outstanding ...=== $65.50 per share

the question is how much do you deduct because of the preferred voting shares which limit takeovers and the fact it s a canadian based company and that deters a lot of big US money so this compnay has always traded at a discount ...

i think a fair discount is 25% which still gives you a per share value of $49.00 ...lets deduct another $3.00 for long term coupon payments

imo $46.00 is very attainable with two or three more decent quarterly earnings reports g.l.