Depends on what products they are doing. I am basing my investment off DSO Operation only as I think this is the most likely as it very simple. CCM and DBM are blue sky.
So off DSO the expected Free Cash Flow is 30m and 26m ovrr the first 2 years. This is based off a $105US per tonne price this is closer to $120 now and 80c exchange rate which we are closer to 72ish now.
So even going off say 26m I would expect a minimum of $150m MC. This is a long way from where we are at the moment which is a result of Kors history.
However I think the current environment is much more conducive to this operation and the only way for Andrej to monetise his 20% share is to make the company a success.
I have my fill at the moment.
Once a offtake is announced I will buy anything I can afford sub 10c.
IMO
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