be careful, page-22

To continue...

This is what I do...

Get a low estimate (Consider this worst case before bust). Work out how much upside is in the stock from current price if it works out close to worst case... Then calculate a best estimate, and again see how much upside. If it looks "reasonably" profitable on both accounts then I'll take a few bites.

I think BAU has multi-bagger written all over it... But it comes with a few risks obviously.

Pat

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Low Estimate (Avg 2.4MT/pa)
Avg PPT $43, Avg OPEX PT $23, CAPEX 150M (60% E/40% D), 276M Shares

I get Fair Value 144c and NPV 55c-75c. f-PEs under 10
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High Estimate (Avg 3.6MT/pa)
Avg PPT $58, Avg OPEX PT $28, CAPEX 150M (50% E/50% D), 261M Shares

I get Fair Value 290c and NPV 140c-190c. f-PEs under 8
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