Only 2 relatively nit picky comments;
1. A$224M EBITDA was not the TER equity share, that included 100% of SA of operations. Actual was A$197M (BA $174M and 50% of SA of $50M)
2. Using the futures curve would be more conservative and better represent the facts we know now, June 2023 Futures for gC NEWC is US$341/t, TER BA at a 24% discount so say US$260/t (A$370/t using 70c exchange). This is lower than the last quarter EBITDA and would decrease the assumption.
Great work - makes sense
gC NEWC to API-5 Differential, page-22
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