Thanks @fareki i’ll be sure to share my DCF model if I get around to doing one! For simplicity sake I think easiest way would be to assume a payout of dividends and no terminal value, for the time being anyway.
I think you meant to say it would increase the valuation? The Nov 2019 Feasibility Study built in a 10% discount rate - so unwinding this by at least one year to today’s valuation date to account for the passage of time would increase the NPV, all else constant.
In any case since the Nov 2019 Feasibility Study FEX has been significantly derisked, so a 10% discount rate could possibly be on the conservative side. This includes (i) reduced funding risk - project funding obtained in Aug 2020, (ii) reduced project risks - offtake agreements in Aug & Oct 2020, final investment decision made in Sept 2020, licences and permits obtained.
L
Fundamentals, page-10
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28.5¢ |
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Mkt cap ! $205.3M | |||
| Open | High | Low | Value | Volume |
| 27.5¢ | 28.5¢ | 26.5¢ | $944.0K | 3.391M |
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| No. | Vol. | Price($) |
|---|---|---|
| 1 | 10 | 28.0¢ |
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| Price($) | Vol. | No. |
|---|---|---|
| 29.0¢ | 194608 | 3 |
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