Good question @desertredlionPersonally, I don't think that...

Good question @desertredlion

Personally, I don't think that Hamish or Joe will get poached. They have too much skin in the game. And I don't think Planum Partners say to Delroean "go get lost" - they have nothing to gain from that. The bear thesis and risk to my mind is that Delorean is unable to secure debt financing for their investments. Without the cash coming from debt, they have to issue more stock or look at an alternative business model (joint ventures like with Brickworks). And if the financing doesn't come through, it simply means that we shareholders will get diluted.

My guess based on the current pipeline of works is that the enterprise value is around $120-200m in 5 years time. If Delorean does multiple capital raises and the number of shares on issue ballons, well who knows what the market cap will be? If they get financing from Planum and don't dilute further, then we could be talking gross asset value of 60c-$1 per share.

Please note I have said enterprise value and not market value; and I have said gross asset value and not net tangible assets.
If we were able to get there with $40m net debt after the completion of projects and refinancing, that could be a very good situation. And if Planum were able to secure the finance, and Delorean built on schedule, and we're not paying capital for joint ventures, and we're only focused on current pipeline.. well $40m could be realistic.

On a side note, this research that the ABC has published is terrible. It talks about biogas being as methane-intensive as natural gas because it doesn't consider the opportunity cost. Essentially, if animal waste isn't converted to bioenergy, it's still going to decompose and create methane, but they don't factor that in. What terrible research, my kindergarten kid is able to set up better hypothesis testing than these so called scientists.
https://www.abc.net.au/news/science/2022-06-20/biogas-has-hidden-climate-cost-emissions-warming-methane/101149894