The general thrust of their previous positions was based on modelling the depreciation of current assets and assuming that no new projects or revenue will come online. They model the company as if all it will do for the next 10 years is operate the projects it has.
There must be something new in this report for such a drastic revision. It doesn't say much about their analysis if they keep cutting valuations so much every 6 months when only good things have happened really.
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