I am not suggesting by any means that GLN will ever be PLS for value. They are different animals.
More a case of the opportunity. Below are the MC / EV of PLS & GXY through the rough times of 2019 / 2020.
GXY had a mere enterprise value of $117m at one point. they sold half of SDV to Posco for $280m
Debt is the killer of companies and can understand why JP may not wish to take this on if unfavourable terms. Debt killed AJM and A40.
If this project was in Aus then Aus super would be throwing convertible notes at us, but its not.
If they do take on debt I think it will be an amount that they feel comfortable to raise it away if things became uncomfortable IMO.
Candelas JV the other option, but these deals take time
GXY
PLS
Ann: Galan Investor Webinar, page-169
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Last
14.5¢ |
Change
0.000(0.00%) |
Mkt cap ! $70.89M | |||
| Open | High | Low | Value | Volume |
| 14.5¢ | 15.0¢ | 14.5¢ | $39.21K | 270.2K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 7 | 158130 | 14.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 15.0¢ | 589090 | 32 |
View Market Depth
| Last trade - 15.24pm 29/07/2024 (20 minute delay) ? |
| GLN (ASX) Chart |