Ann: Kanmantoo Underground Decline Progress, page-54

Thanks for the analysis @VYR

EBITDA of $110M is about 9.4cps
But of course it is EBITDA not Profit after Tax, so let's do some estimates.
- I ie Interest we have read that borrowing will be about $26M, and this sum and interest on it can be repaid fully in year#1
- T ie Tax HGO has accumulated losses ~$250M so very little tax to pay in years 1 to 3 (but has franking credits!)
- D@A not much to worry about here since most assets are already depreciated and HGO is not buying a lot more

So E minus I minus T minus D&A (ie Profit after Tax) could be pretty close to EBITDA in years 2 and 3.
So let's say E of 9cps in years 2&3 (and some E in year #1 too).
So forward (FY2023) P/E at current sp is about 1.
...and that is operating at 40% of processing plant capacity (HGO plans to go higher)

Last week's sp move was well overdue, but IMO there is PLENTY of room for it to go higher as more potential investors read @VYR's calcs and then go back and read the two announcements of 14/12/2021.