You are right about the EBITDA. This is presented in a misleading manner. On an attributable basis it looks to be about US$110m, not US135m.
The calculator in my brain was also not functioning at 100%. 2x(53 + 51) is US$208m, not US$108m.
So pre-tax drops by about US$200m to US$212m (maybe this time it is closer to being accurate?).
Interest was US$25 in the quarter, so I don't think that is to far off at this point. It will increase as they spend more on ENC, but ENC profits will hopefully be able to cover the interest costs and produce some profits, so I'm chosing to ignore addtional interest later in 2024/2025.
If they only pay 25% tax on the mine profits, then that comes to about US$32m. This gives about US$180m NPAT. (again, I may have missed something, so feel free to correct this).
US$180 @ 0.66 AUD/USD = A$272m ( attributable)
Gives a PE of about 12.2 with 77c share price. I was a bit off initially with 6.8.
You are right about the EBITDA. This is presented in a...
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