Not sure if it works like this but if there ends up being 2 billion shares, then take 384 million ebitda in steady state production and thats still 19 cents per share. If the payout ratio is 50% then thats 10 cents a share while they pay back debt with the rest.
So at a $1 thats a 10 percent yield, but wouldn't a stable cash cow trade at about 4-5% yield when up and running? Implying a final price of around $2 or so? No good at beer coaster maths but just for thought.
Thats still a 7-8 bagger from here for being patient.
Not advice please DYOR.
Ann: Successful Drawdown of $60M of Convertible Notes, page-5
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