"So they have no customers but are still projecting sales of $25 to $35M.... "
I said they have no customers willing to buy in any size. Remember that 25-35m includes spicatum sales of about $20m, so that's actually more like about $10m of Indian sandalwood sales in FY17.
10,000t of heartwood, would convert to 370,000kg of EISO per annum. On the balance sheet, that's valued at US$2800/kg, or A$3700/kg, so to justify that valuation once the bigger plantations mature QIN would need to sell $1.37bn of EISO/heartwood per year.
They can barely sell $10m per year. The assets might be real, but their value on QIN's balance sheet isn't.
QIN Price at posting:
29.5¢ Sentiment: Sell Disclosure: Not Held
