Ann: Half Yearly Report and Accounts, page-4

Judging by today's share price movements (and the share price in general) I'm not convinced the market understands Windlab's business model (transitioning from a cashflow-lumpy developer to an owner/operator of high-quality wind resources). I think their ability to own equity in highly productive wind farms without (or with minimal) debt is a beautiful way to generate cash, without the risks of employing leverage (see: IFN).

Fortunately though we as shareholders don't need to worry about the current share price because I think the intrinsic value is well above today's price. Since the company's valuation is basically dependent on its pipeline of projects, a better way to frame its valuation is to ask: is there more chance than not of WND becoming at least twice as valuable within five years? If so, then you will earn a return of around 15% p.a. which is about the minimum I would want outside of holding an index fund. I am willing to bet WND will be worth at least $200M (before any dilution) by 2023, given the company's pipeline of globally competitive wind farms, their exceptionally clean balance sheet, low-risk business model, the cratering costs of wind turbines and access to highly liquid capital markets.