Bleach - that assumes 50% finance (which is not very likely) and $55 IO price. Also, Bell Potter and Southern Cross have the vals much higher and a more robust analysis (as does everyone else I could find)
You may want to see the sensitivity part of the report at a more realistic IO price. ($55 is a nonsense) $1.28 at $80 IO price $2.21 at $120 IO Price $3.16 at $140 IO Price $4.09 at $1.70 IO Price
Forecasts for IO next few years are higher than current price.
For someone who holds SDL, you have a knack for finding the glass half empty.
SDL Price at posting:
46.0¢ Sentiment: LT Buy Disclosure: Held