Dear Prelight,
Thank you
It should be read $0.15 instead of $1.50. It is based on the lowest valuation among three brokers i.e. Macquarie at $0.15
If it is based on upside potential once in production, SDL predicts at $3.50. Please read below:
Extract from SDL's presentantion at Mining Indaba 2014, page 21
Upside Potential Once in Production
Average EBITDA (First 10 Years) US$1.8B
Current ownership (76.5%) SDL Average EBITDA ~US$1.4B
Implied market cap of US$10.9B (using average EBITDA multiple) = over $3.50/sh
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$1.50, page-29
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