There is recent market precedent that does support valuation being attributed to the full project but as you say there is a lot to consider to any investor. I think the lack of institutions on the BKT register may limit that ability to apply a 'look-through' valuation but retail may surprise to the upside.
I kind of think the module approach is really a way to get the project off the ground but in all likelihood, BKT to me is a POSCO T/O or potentially fast tracks other modules.
ABR comes to mind as one that traded very well to it's 4 phase module approach. It traded as high as $975m market cap versus a module 4 NPV8 of USD1.9B. That was until a strategic review found it should probably deliver the entire project in one. All of a sudden dilution becomes a reality and it trades off.
BKT has an NPV10 of USD1.2B so perhaps there is scope for a AUD600-800m market cap.
BKT, page-23
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Last
6.0¢ |
Change
-0.003(4.76%) |
Mkt cap ! $78.85M |
Open | High | Low | Value | Volume |
6.1¢ | 6.1¢ | 6.0¢ | $21.89K | 362.9K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
3 | 870163 | 6.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
6.1¢ | 62500 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
3 | 870163 | 0.060 |
3 | 119701 | 0.059 |
1 | 182758 | 0.058 |
6 | 236720 | 0.055 |
1 | 18500 | 0.054 |
Price($) | Vol. | No. |
---|---|---|
0.061 | 62500 | 1 |
0.062 | 10000 | 1 |
0.063 | 135654 | 1 |
0.064 | 87720 | 1 |
0.065 | 143970 | 3 |
Last trade - 11.56am 26/07/2024 (20 minute delay) ? |
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