Ann: Half Year Results Announcement, page-29

Why ignore the rest of the capex?

Total capex to date is over 3.5B

So here are my "back of the envelope" calcs.

It looks like they are deploying about $20M in capital to put in 1MW of capacity.

This 1MW in capacity leads to circa $4M in revenue per year (net of power pass through)

That translates into $2M in EBITDA (it was less than 50% last qtr, but let's be generous)

Now out of your $2M, u need to fund/finance the $20M you spent.

Even at 5%, that's $1M of your $2M gone, just in interest.

Then we have the small issue of replacing all of the fit out every 20 years, and the building, what ever 50?

So a depreciation charge of 6-700K is probably real, leaving you with maybe 350k a year.

That means under 2% return per year on your $20M before tax...