Ann: Successful Completion of Modularization Contract, page-51

Just for fun I thought I would look into the history of Ormat's milestones & market capitalisation, to try and get a sense of how quickly a re-rate might occur on validation of the KPO business model.

2004: Ormat IPOs for 100 million USD
By mid 2005 (Earliest market cap info I can find) Ormat is capitalised at 500 million~ USD
2006: Ormat receives first order for geothermal power plant in Germany - 1B capitalisation
2007: 1.5B
2008: 2B

Ormat looks like it hit some adversity here around GFC time, and took until 2016 to surpass it's 2008 peak of around 2.3B, since 2016 it's grown to around a 6.5B market cap - with a marked acceleration in the last year, which I assume is partially due to how crazy the markets have been in the last 6 months and partially a stronger focus on green tech.

The most interesting part to me is the initial valuation of over 1 billion on the basis of a single power plant, with 50% growth in each of the following years leading up to the GFC. Obviously Ormat was much better capitalised with 100M USD IPO to fund activities, and the US exchanges also typically end up with higher valuations, so I doubt we can expect quite as rapid appreciation, but it does give some ballpark to what we might expect over the next year or two with good execution by management.

We've currently got a fully diluted market cap of around $60MM AUD at 5.1 cents, so even if we achieve 10% of the market cap of Ormat in a similar point of it's development (2006) we are looking at 1-2 bags in the near term, with tremendous upside. The macro environment is also looking good as focus has never been stronger on emissions reductions.

Hopefully the execution goes to plan after the false start of a few years ago.

All IMO