fundamental analysis: 5 bagger

ok

i thought to plunge into this, to receive FEEDBACK on my FA

since KAB are involved in a few complex transactions, FEEDBACK is sought from more knowledgeable shareholders

i get 1,389,904,240 pieces of script, comprising of:

676,765,521 issued shares
50,000,000 Celtic shares convertible at 2 cents
100,000,000 Noble warrants exerciseable at 1.2 cents
338,813,529 options exerciseable at 3 cents
4,000,000 options exerciseable at 3 cents 9,979,382 options exerciseable at 2.2 cents 5,000,000 options exerciseable at 2 cents 18,679,141 shares for finance fee for Noble loan
20,000,000 options exerciseable at 2 cents for fee
166,666,667 shares for future $2,500,000 cap raising [@ 1.5 cents]

current fully diluted market cap is $6m

i get 2 x offtakes x 180Ktpa = 360,000tpa sales

i get 360,000t x 48% grade x (($500dmtu x 0.95 royalty) - $350dmtu opex) - $1m depreciation - $1m interest x 70% for tax = $14M NPAT per annum

project share = 72%

KAB NPAT = $10M pa

EPS = 0.7 cents

target 5.6 cents on PE x 8

plus one-off 1 cent per share in options proceeds