News: WPR UPDATE 1-Viva Energy's operating earnings surge on strong demand, tight supplies, page-38

Hi C

I have looked a bit further into the company

Long term I think most of the sites will probably not be needed . The picture I uploaded shows how how simple the chargers can be . What you cant see is the transformer but that is just a box that powers all the points and about the size of a car to power multiples of the points. These can be placed in any location that has parking . If you wanted the cheapest reuse of the sites for the company then a carpark , pay point like a parking meter and an open lot as pictured is all that is needed

Valuation of the sites is a problem . The company was a spin off from Shell and looks like they dumped all the least long term viable sites into the REIT. Sort of like McDonalds sells the least profitable sites and keeps the winners / real money makers in house .
This is a quick valuation . They sold (rounded numbers) 40 sites for an average of $3 million each net . You would assume they were the ones that were no longer viable. With 400 sites left that is $1.2 Billion and $900 million in debt .

There is a lot to explain in this next part but I am going to keep it short. Read the IPO and then we will talk about a better estimate than the below . Till that is done you cant dispute my claim . I am not going to debate it without you knowing what is in the IPO

The IPO document indicates that the valuation and revaluations only tell half the story and my valuation above is more like what is left after all the deductions are taken out when sites are sold
Picture it a bit like this . You own a house worth $1 million but are you worth $1 Million . Take out the loan balance . all your other debts and the house burnt to the ground with no insurance . Do you have enough for a coffee ?
The Company claims $3 in NTA per share . You claim I have NTA of one house at $1 Million .

Read the IPO document .You may have laughed at the valuation I gave above but that will turn to a look of fear when you see it is possible to go from $3 a share to 30 cents in NTA quite quickly . I know it is an extreme valuation but so is their claim if you read the IPO document . It is all in the fine print and we know that is what always takes your money