I dunno, wet Sunday morning thought I would have some fun with this and it appears that if you make the key assumption that Macquarie is just as wrong on the downside as they were on the upside then the true EV should be right in the middle of those two calls.
They were calling an EV of just over $1 bn two years ago and just over $200 m in their recent call - only $800 m in difference - the sort of chump change that Malaysian Prime Ministers keep in their transaction accounts, but somewhat material for the rest of us.
Anyway assuming the midpoint is around a $630 m EV (again got it equally wrong both ways) we get a target share price of around $0.257.
Now that sounds like a pretty good call to me.
GLTAH!
TGS Price at posting:
5.8¢ Sentiment: Buy Disclosure: Held
