We maintain our base-case NPV10 for the three main assets of US$1.3bn. Our sum-of-the-parts valuation gives a fair value of cA$0.28/FD share, based on modelling at US$300/t MOP) and a 0.25x NPV multiple to account for the current stage of development. This implies that South Harz Potash is trading at 0.26x NAV, with an implied return of 3.78x to the current share price. We see significant potential for value accretion as the Company meets development milestones.
the note is now on proactive website
7.5c SP -> $1.11 SP Target (Largest Potash Deposit in West-Europe) $30M MC, page-12
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