coking coal assets, page-17

Following @Red_Tempura Ive played around with the app for the past hour or so. The valuations are DCF of the 5 year cash flow average of analysts and then the last year is calculated in perpetuity using a general growth rate and a WACC for the industry (pretty standard valuation model).

In the UNV case however, it is based on FY16 cash flow of c.$14.5m extrapolated at 0% which seems quite odd to me. The $14.5 must be based on cash flow after adding back for abnormals but I dont think it sufficiently accounts for capex requirements. On the other side though, there should be some growth factored in. There were no analysts forecasts used by **.st.

The $0.37 valuation might be low if not factored for growth and the "one-offs" are truly non-recurring