This might be the way to think about it.
NEWC: US$400
ROE (0.70): A$571
+/- discount to Newc 0 %
Less 8% royalty: A$525
Less unit cost: A$93/t (mid point of guidance)
Equals EBITDA margin/t: A$432
Times volume (14.5Mt - mid point of guidance )
Less Rail, Port and Marketing: N/A included in unit cost
Less Admin and other expenses: N/A included in unit cost
Less finance expenses: N/A as I is not in EBITDA
Equals EBITDA A$6.264B
Less: finance expenses: $30m
Less Depreciation $250m
PBT $5.984Bn
Less tax 30% 1.795Bn
NPAT $4.189Bn
EBITDA A$6.264B
Less tax 30% 1.795Bn
Less capex A$360M
Less: finance expenses: $30m
Less: Rehab $10m
Less: IFRS 16 lease payments
+/- changes in W cap
Call it $4Bn in Free cash flow
The 950m shares on issue includes 32.040m Milestone shares that have a deed which precludes them from receiving divs, voting etc. So you should exclude those from your per share calculations. In which case the actual number today is 924.2M shares and at the completion of the current buyback the number will be 897.4m shares.
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Last
$7.77 |
Change
-0.030(0.38%) |
Mkt cap ! $6.500B |
Open | High | Low | Value | Volume |
$7.70 | $7.84 | $7.69 | $37.59M | 4.840M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
3 | 5512 | $7.74 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$7.78 | 2928 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
3 | 5512 | 7.740 |
1 | 5000 | 7.730 |
3 | 24089 | 7.720 |
8 | 71183 | 7.710 |
9 | 38237 | 7.700 |
Price($) | Vol. | No. |
---|---|---|
7.780 | 2928 | 2 |
7.790 | 21089 | 2 |
7.800 | 20429 | 3 |
7.810 | 23089 | 2 |
7.820 | 6000 | 3 |
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