Positioning for Takeover or JV bid?, page-98

Hi Jogo, I'm having the same problem replying directly to posts as others.

I am very interested in valuation analysis right now, been heavily playing developers only this year for the first time and going through a learning curve around perfecting the process as best fits reality. I still disagree with your approach for a number of reasons, but to be honest I haven't got a complete grasp on how you are calculating the EV?

Are you subtracting the capex from the projects DFS NPV to arrive at an EV figure?