17 December 2018 Research Report, page-6

hi PP2, interesting update. Still making valuation assumption of 70/30 debt /equity rario. That equates to an issue of just under 1600 mill shares. By my calc and not disturbing the reports other assumptions if the CAPEX is totally debt funded then $1.51 per share at 70% derisked. 

Even a nice rerate in next couple of months taking the SP to say 30 cents would reduce the 30% equity issue to 800 mill shares bringing the valuation to c90 cents /share. (Warning its late over here and my math is sketchy). 

IIts all meaningless though if the market doesnt respond to it. If the indicators continue with a sence of cirtainty then the rerate should start to build.