please correct me.., page-9

Spozzie

15m NPAT = Net Profit After Tax, which copy from their latest presentation.

If you think EBITDA = $10m, then NPAT may equal 5m (after pay tax 30%, and massive depreciation)

so base on your number, it become $5m NPAT with 130m investment.

Note:

1, Don't use EBITDA, company use it all time, but we share holder only care about NPAT.

2, don't try calculate EPS yet, because you never know how many shares in total after 1 year, so it is safer to calculate return on investment rather than future EPS.

3, 134m = $86m senior debt + 48m "hybrid" finance. "hybrid" usually mean mix of new share & debt (and those debt can convert to share with discount)

4, I don't care about other project in future, because they will have similar cost & return rate.


I think this company will similar to any power/electric company: huge investment, small margin, and raise their price every year.


I think those company have very small margin, but it can run forever with