Ann: December 2022 Interim Financial Report, page-32

With my previous fair value calculations of 7.5cents/share (heavily discounted due to my personal evaluation of key personnel) being BEFORE funding was achieved, I'd say DEL are trading at a decent discount especially with cash on hand. My calculations didn't include that the funding would take 50% equity/profits of the potential builds. I think this company is now almost impossible to value and is down to pure speculation, especially with funding awaiting the everlasting FID. It's amazing how with such environmental tailwinds that the management cannot catch anything solid with their sails.

At a larger investment picture, many much better companies/management teams are going on similar discounts to FCF. Especially with the risk-free return rate being around 4%.