Ann: Confirmatory Results from Ohmgebirge, page-48

broader market fear IMO.

- Germany’s consideration of a ban of gas imports from Russia will send their energy prices soaring = bad for agricultural sector

- real growing risk of (nuclear) war in greater EU region

- rising interest rates erode future earnings, increase debt obligations and pushes the discount rate higher = lower NPV

- rising construction costs make the project more capex heavy = lower NPV

all that said, the investment case for SHP is still a no brainer for me. I’m banking on a re rate post DFS and subsequent T/O offer and/or German public support for capex funding.



happy holder