Hey DEL Fans,
I am curious, has anyone crunched the numbers on their pipeline to see what the cash flows may actually look like? Just in terms of the announced pipeline, though obviously there are some unknown things that could come up? I did some research and am happy to share, but would also love for any holders to cross-check my calculations.
I have assumed from their report that currently $10mof assets in operation, $17m in construction (no ownership), $38m of shovelready pipeline (Fy24+), and $36m future pipeline. Expecting substantial drop in revenue and EBITDA from current construction coming to end, and noting that they have no trailing revenue because these are 100% owned by other entities. Assuming c.2 year construction of their pipeline, then if all projects / FID approved on their proposed timeframe and based on the % ownership they have noted, I am calculating: FY21 $3m EBITDA/ $2m NPAT; FY22 $5m EBITDA /$3m NPAT; FY23 $8m EBITDA / $4.5m NPAT; FY24 similar; FY25/26 small stepup. At a price of 24c when I did my calculations I had FY21f PE ~20; FY22f PE ~15, andFY23-24f ~10.
Cheers, GLTAH.
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