Yes, having taken the time to actually read their presentation (!) I now know what you're on about. I was thrown off the scent by their statement on p9 about 5.9MW capacity left. Of course there are some costs involved in getting from 20MW to 42MW but if my spreadsheet assumptions are halfway valid, they can invest their annual earnings into more capacity until they get to the end state, which as you say could take 4 -5 years. At that point they could/would be a pure utility play earning some $100m+ a year after costs. And one would expect that at that point they would either be bought out by a bigger player or they would invest in building more data centres, again depending on customer demand.
But worse case, if they filled up the 42MW capacity and did no more, a company earning a steady state $100m p.a. has to be worth $1bn+, which on the current shares on issue is about $5 a share.
Thank you for persuading me to do the extra research.
I now wonder why this stock is so heavily shorted?
(20min delay)