valuation, including penumbra, and misc notes, page-8

i am unsure of this is, does part of the coal production get sold to EDF and hence no earnings can be attributed to that portion of the revenue as its used to paydown debt, which results in lower EBITDA, NPAT and ultimately valuations.

I reckon so Khaliqs. It all depends on the term of the loan and the interest rate. This is why it is so important to take the NPAT when applying a p/e because the NPAT already accounts for the interest on loans, as the EBITDA is already included (Earnings Before INTEREST, Tax, Depreciation & Amortization). Basically take whatever Conti is left with after every single expense is accounted for, and ONLY THEN APPLY A P/E for a future value or discount back to today for Net Present Value.