Here's a fun exercise in the name of banter:
2Mtpa plant = $300M USD EBDITA * 1.25 = $375M AUD * 90% ownership * 80% dividend = $270M AUD distributed over 210M shares = $1.29 divvy on a $0.35 share. Not a bad proposition if you ask me!
If the share price re-rated such that the divvy was a 10% return, the share price would be at $12.90.
BGS Chart, page-403
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