i just refined my numbers. the operating numbers are outstanding, with very high margin, but the CAPEX turns out to be pretty high
if Stage 2 is built from cash-flow after 4 years then they will not be paying back loan princpal in the 1st four years so the interest costs will be high over the initial years
while long term the numbers are very good, short term, i decided to 'wait-&-see'
good luck
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