Ann: Zenith - Gascoyne Resources Update, page-4

So with no big negative hits, we have a company with ebitda of 20 mill this year (end 30 June 19) and 27 mill ebitda for next year; my calcs are for the following year will be ebitda of 36 mill; so they generally grow (on current contracts) 20-25% in revenue and about 30% in ebitda each year

they cannot do that forever (I guess?), but for the next couple years and the 400 MW pipeline it can keep along

I listened to a 30 min interview with Hamish from a year ago, and he hopes for a new PPA every four months... so three a year. So 2021 can be higher then my forecasts with new contracts they sign and start development in the next 6 months or so

I also note Zenith are interested in remote micro grids; and I read today an ex director of Zenith is now CEO of a company (Horizon, I think) which looks after mirco grids in remote WA. It will be good if the corporate bond is still friendly!