interesting., page-16

Thanks Oracleyoda, yeh I've used the wrong word there - meant fair value. Thank you for bringing it up, I should explain better. Also (I should point out all my figures are USD so 0.38 is more like 0.42 on the ASX).

I have in fact calculated the DCF somewhat awkwardly by including the repayments of their debts (both bonds and loans) in the years and at the rates they are expected to be repaid. Then I have discounted the full year profit/loss to give the above 'fair value' - rather than getting an enterprise value from pre-repayment cash flows and then deducting current net debt to give what would more strictly be termed a fair value. Therefor my above figure is unorthodox as valuations go.

Had I done it the standard way I would have got an Enterprise value of $793,831,662.27. Then minus net debt of $599,700,000 would give a fair value of $194,131,662.27 and SP of 0.217. or 0.24 AUD.

In fact thinking about it this way is more accurate as it does not discount the debt. And I guess you shouldn't really discount debt as it a far more of a certainty compared to future revenues.