Insanely cheap, page-33

@dyeman

No one bothered to put out some numbers so here are mine. I think that can only cover about 68% of div with revenue and not cover any of the debt repayments.

All in $USD
Operating income EBITDA (NEW share) 50.5m (This is more than double last year)

Tax credits to partners (per NEW these last for 5 years) 10.7m
Interest expense 21.3m
Fees to Dixons & Walsh 6.5m
leaves 12m
Balance for divs. 17.6m
Shortfall -5.6m (div coverage is ~68%)

Debt payments due in 2020 are 17.9m and there is no coverage.

I would love to invest in NEW though not on these terms. They are also levered ~ 60%. They are going to sell assets to relieve debt levels, meet repayment obligations and support the div.

If anyone disputes the values I've posted let me know and we can compare. Happy to be corrected. Revenue etc. can be implied from new capacity.