Ann: Morgan Stanley Conference - Company Presentation, page-3

This preso isnt too different from the last one. Just FYI, this was the calcs I did back then:

~$8M rev & ~$1.6M GM for build
~$0.2M rev & ~$0.1M GM per annum maintain
Operating income - Depends on financing, but x% of $1.2M pa
Looking at 4C and Annual Report, Id estimate fixed overheads at ~$4M pa, with the rest being project labour & product costs.

Assume they can build 20 in the next 5 years.
$1.6M x 20 = $32M build GM
$0.1M x 20 = $2M pa maintain GM, assume even ramp = $5M over 5 years
Assume they get 25% of ongoing revenue = $6M pa = $30M over 5 years
Total GM = $67M
Total Overheads = $5M x 5 = $25M
Total EBITDA = $42M over 5 years
NPAT ~$30M
Plus $7.4M franking credits