BOE cashflow + valuation, page-3

Thanks for those comments. To me that seems to agree with what I'm suggesting, that BOE is already quite fully valued. The 11% FCF yield is assuming that the SP hasn't moved at all by 2027, and there's been no further dilution, when they're doing 2.45M lb's p/a. In reality, we could probably make a few fair assumptions; by 2027, the share price is considerably higher than now (say $3.50) and the SOI have increased at least 5% due to performance options etc being converted. If that was the case:

• at US$60 U price, FCF yield is 7%
• at US$75 U price, FCF yield is 9%
• at US$90 U price, FCF yield is 12%

I haven't checked those BHP/RIO figures you mention, but assuming they're correct - why would one invest in BOE, with a limited mine life, when they could get a better yield from a more stable major? That's the issue I'm trying to get my head around. You're saying they should be able to better the metrics from the majors, but at the end of the day the numbers in my table are from the EFS: Boss need sustained high U prices to be able to get anywhere near the FCF yield offered by the majors. Perhaps all of this will become a moot point, if large amounts of BEOT money decide they want to invest in the Uranium space - the old flywheel effect will take hold and send all these companies - producers or otherwise - to crazy valuations. But that doesn't seem like a very sustainable way to invest...