- Cash at bank $91m (end of last quarter)
- Estimated additional cash at bank 2/3 of another $45m quarter? $30m
Total est cash at banks $121m
NICO shares $15m+
NICO options $25m+
Convertible notes $36m
Excludes receivables and inventory
Est value cash, notes and listed investments
$197m
Current market cap
$450m less cash and investments
Enterprise value $253m
Last quarterly EBITDA $47m
12 month EBITDA at last quarters performance $188m
Chose your own EBITDA multiple
6 x 188 = $1.12b
Add back cash and investments + $197m
$1.325b valuation
Share price $1.46
Assumes same earnings which is not conservative but is possible. Doesn’t account for increased grades or the value of new production projects.
Just broad strokes, do your own numbers and make your own conclusion.
