10% discount rate, $2.2b npv , page-17

leonpl, once again you are doing your valuations on the share FMS, not the project.

Worley could not care less about the share price of FMS or its value, their goal was simply to come up with figures on the PROJECT.

The PFS wasn't for YOU to decide if YOU think FMS is a good investment and to know what its shares should be valued at. The PFS was solely for Worely to let FMS know what value the of PROJECT is and whether or not it is feasible to undertake.

Using a beta and a debt/equity ratio has no relevance to Worely and the Projects NPV, as these figures are only relevant to valuing share price.

I dont disagree with your theory, but your theory is only relevant when valuing FMS shares, not Worelys job of valuing the PROJECT.