Yes I did use 10 for the P/E in my estimates.
I purposely did so to remain conservative. If PEN does what they are indicating then earnings growth will be very high indeed after the intila 18mth Capex payback period.
The $1.00 sp is not out of the question and in fact could be much higher. I don't for one minute believe it will get to the dizzy heights of PDN or EXT. However I do believe PEN will fly over what I am indicating...If they prove up both Lance and Karoo.
more reading and peoples opinion, page-14
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