I agree with all of the above. One variable is the substantial...

I agree with all of the above. One variable is the substantial depreciation charge, which is roughly 5 cents/share. So that 15 cents per share cashflow reduces to 5 cents earnings. If depreciation is over booked (ie. replacement turbines become cheaper in future), then cashflow a better indicator of performance. And I reckon they could get their debt repayment to less than 2.5 cents per share if a lender looks at ongoing derisking. So over time, IFN might turn into a cash machine, and they get experience with balancing variable renewables with battery/peaking to play bigger part in new baseload power sources. Short of legislative destruction or economic collapse, I see substantial upside. I got some of these by accident way back from Babcock and Brown implosion days . My first top up was at $0.18/share but most are at much more than that. I've always seen IFN as misunderstood by the market (except when it shot to $1.20, and I sold out some, then bought in lower). Share price being below NTA is your most overt evidence. But if market gives them accurate regard, then that will support this company in its role to rapidly decarbonise power supply. And I'll make money...by accident!