Ann: Bankable Feasibility Study Update, page-41

Using your NPV, I extrapolate the following target SP:

NPV / Mine Life = Profit p.a.
(FCF / SOI) = EPS
EPS * P/E 10 = target share price

165M / 8yr = $20.7M p.a.
$20.7M / 489M = 0.042
0.042 * 10 = 0.42c

That look right?

Silly question - does an NPV take into account tax (did yours?)?

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My back of the napkin valuation back in Feb looked like this:
https://hotcopper.com.au/threads/go....4055440/page-2?post_id=31474876#.Wz7f6aczYuU

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6
1		Free cashflow per annum	Earnings after tax (30% corporate rate)	Shares on issue	Earnings per share	Price to earnings multplier (9)
2		A$M	A$M	M	$	$
3	EAR	60	42	489	0.09	0.69