Ex UNV here.
I recall the contracts being indeed at cost-plus, margin was some 10-15%, which you could see in the financials. Cost was around 35$, so 3-5$ margin.
No specificities in the annual reports, I recall finding the info in some article discussing the renegotiation with Eskom -- but that was 2 years ago so memory is blurry, sorry about that.
So yeah the real SA upside is in the export volumes. If you do 10-20x your domestic margin, pushing export volume from 5 to 10% of your production can be massive in terms of total SA Ebitda. So that can be an easy way to unlock value down the line...
Sadly, none of this matters till refinance, but we know that already
TER to hit 20c this week, page-67
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18.0¢ |
Change
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Mkt cap ! $146.1M | |||
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| 1 | 9152 | 19.5¢ |
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| Price($) | Vol. | No. |
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