Fundamentals, page-7

Will certainly reduce valuation big time once discounting from year 1+ at a discount rate of 10% is taken into account.

Issue with the DCF for FEX is the LOM, if it was 10-15+ years the DCF would attract a healthy terminal value portion of enterprise value, but due to the 6.5 years it is tricky.

You could build in a terminal growth rate of 2% and suggest that the money earned will be reinvested into further projects/resources along the same haulage route perhaps which would make a DCF more friendly with that TV portion of the EV? While also including the MD&A of healthy dividend payouts.

Just some assumptions to think about for your DCF - would love to see it once completed. DCF's in the resource space is something I am currently under the process of learning so a relevant case study to my current holdings would be greatly appreciated.