Oh I agree keeping cash allows for optionality is a positive, certainly better than tapping the equity market these days. But I am not Schrodingers super fund, where I can assign a value to a 'will they do something with the cash or hold it for some free kick on the p&l statement' scenario. This disrepects the value of my capital.
There is a company which will produce very good quality coal, which will generate (at a discojnt to today's prices) roughly 670 million aud of fcf in 2028, which is valued at 1.5 billion dollars and uis currently in a lower value transitional, more vulnerable period. At a 20% wacc, including cash flows generated during ramp up, it is npv positive (including a takeover premium of 25%). Would you want 9% in undisclosed investments or 20% ish return through acquiring and managing an operation which improves price received, decreases opex, and is in a geographic region and operating model that management is proven excellent with?
(a gold star for those who guess to which company I am refering)
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$4.76 |
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Mkt cap ! $4.023B |
Open | High | Low | Value | Volume |
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9 | 73067 | $4.76 |
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18 | 63604 | 4.750 |
3 | 6229 | 4.740 |
2 | 2269 | 4.730 |
4 | 7519 | 4.720 |
Price($) | Vol. | No. |
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4.780 | 2019 | 1 |
4.790 | 2019 | 1 |
4.800 | 17371 | 4 |
4.810 | 6019 | 2 |
4.820 | 54962 | 3 |
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