Ann: SFG Construction and Cost Update, page-47

thanks for reply, yes there are plenty of holes.

I was trying to be harsh as a base case. But do need to correct for the interest cost to end of stage 1 (additional debt) thanks for that pickup, i was rushing.

I have plugged $13 opex (down from $15) and $20 sale price (up from $17). and assumed $266 capex to complete stage 1 (on top of $400m), all debt funded, still at 10% interest...

I've assumed further capex is at 1/3 of the cost per ha of stage 1.a as they are just building roads and ponds, all water and processing infrastructure and cap and primary road infrastructure is built...

Depn at 15yr useful life.

Ignored principal repayment as that isn't relevant to NPAT (but i factor into the MKT cap in the last Colum by subtracting the gross debt from NPAT multiple...

Key point... The Mkt cap is not discounted... That is sensitive to the discount rate, and the timeline for each stage etc... Just a disclaimer.