NWH 1.60% $3.69 nrw holdings limited

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    There is risk there for sure. I guess the question is: if someone could see the future and tell you that NRW will generate a final total $300m revenue and an ebitda of $20m from the project, and (roughly 1/2 their historical margin) AND you assume so other business and keeping Middlemount, and RIO work continues, then what is NRW worth? You can add risk to adjust that - I think it's probably priced for 50% chance of FAL being loss making at a cash level and I think that's far too pessimistic - IMO only. So I'm still a bug around 20c.
 
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