andash update, page-2

Bruce, as I posted over the road earlier:

Whether or not this tax change happens, I allow at some time over the next few years that taxes will rise in some way in Kyrgyzstan, not because of untrustworthy politicians, but simply because they are currently so low. Too low.
I have one spreadsheet modelled at 30% corporate tax.
Current is just 10%.
That changes it from a forward PE of 1.7 to 2.2 Andash earings only -excluding Burnakura cash flow.
Might limit the upside a bit, but still extremely cheap and that's assuming a tripling of tax which is not what I assume likely.