Folks, if you believe DFS research that ORD will retain 16.75% mid point, then it is also saying that market will value the 66.5% of sold in the IPO at $200m (66.5% because the JV partner will also want to maintain significant stake - assumed to be the same as ORD).
The market is not valuing the CAPEX. The market is valuing the entire project. Hence 200m / 0.665 = total value of SARCO. If you are saying that SARCO will raise more than $200m from selling 66.5%, then I'm all ears.
Please enlighten me if that's wrong.
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