Here is my current 3 year projection for Zenith. It is what...

Here is my current 3 year projection for Zenith. It is what encouraged me to buy a few more shares today.

The '2020 oops, I was wrong' assumed a mix of MOM vs BOO as guidanced. But, in fact, the MOM was way down and the BOO way up.

Post the half year, the '2020 new' seems more correct. Revenue does not increase, but EBITDA does increase, because the margins are now over 50% on the revenue. I highlight that in yellow. Also in yellow you see my depreciation was a little too high, so I have edged it down to 8%. And the interest I guessed was too low, so I have upped to $3 mill per half year.

I note the EBITDA I project may be a little low. As the margins on the BOO increase was well over 70% this past half year, but I have only assumed 66% margin on new BOO increase.

All in all, I hope I am not far off, in this chart. Remember, these are MY numbers. Do not act on MY numbers and MY optimism. I am not advising anyone to do anything. I only point out MY research to get any feedback from others. But Lord knows what the virus can do to these numbers. The virus can sure damage the daily share price. But currently it cannot hit revenue and margins (currently). The uncertainty is 'where do we get 26 MW new BOO over the next six months?' If we grow with FreeCashFlow to end 2023 at 10% then we are at 13 cents eps. I would expect a dividend by then - or even at end of 2022 (with 10 cents eps post tax).

I assume some Zenith analysts came up with similar numbers to this chart below, causing the share price jumping to high 70s. My ANZ Morningstar has the 'fair' share price at 89 cents post the half yearly. We just need to hang on through this virus - and hope for a high gold price.