The validity of the decision of GT to base their DCF valuation...

The validity of the decision of GT to base their DCF valuation on a simple average of BOO installed capacity of 232, 250 and 300 MW (which averages 260.67 MW) needs to be challenged.

Based on the earlier published views of ZEN that there were plenty of growth opportunities out there, picking three scenarios of 232 MW (absolutely no growth), 300 MW (modest but surely reasonably achievable growth) and 375 MW (a high growth case based on securing opportunities based on past conversion rates) gives a simple average of 302.33 MW. Based on the GT sensitivity analysis, this gives at DCF valuation range in excess of a range of $1.05 to $1.24.

Can someone please explain why my three capacity scenarios aren’t more valid than GT’s based on the story ZEN told us back in February?

Maybe Management/PEP/Apex didn’t want to win the Capricorn Metals 16 MW deal that Pacific Energy won last week because GT would have to increase their vie on fair?