I just used the CAPEX number as a basis for estimating a depreciation level. Just a simplistic rule of thumb putting depreciation per annum at 5% of original project capex.
This was my justification for P/E:
"I have used a P/E of 25.0 which is getting closer to peer-group level of P/E. They would be generating around $145M free cashflow PA. That's a tonne of cash to spend on exploration / expansion so I think a strong P/E would be justified."SAR is at 32.0, PNR is at 37.0, EVN is at 39.4, NST is at 46.8.
GOR has a great deal of ground. I think some good potential for growth in the next few years. They have a stated goal to become a 300 koz pa producer. Their share of Gruyere is 150 koz pa.
Plus they have the Cygnus JV.
https://www.goldroad.com.au/exploration/cygnus-gold-jv/
Ann: Yamarna Exploration Update, page-20
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$1.76 |
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