I am new to ATI, but am interested in the vanadium story.
I've been looking at past reports etc for this company.
A bit disappointed in what appears to be a lack of information.
Firstly, production is set to start next quarter, yet there are no broker reports available.
Also, I cant see any costings in the company's reports.
My very basic figures are as follows:-
Sale price = $30/kg
Producn costs = $15/kg (incl credits)
Annual production = 6,000T/yr approx
Gross profit = (30-15) x 1,000 x 6000 = $90m pa.
Debts = $335mill @ 11.5% pa.
Interest = $38m pa
EBITDA = $90m - $38m = $52m
With a conservative PE of 6
This gives a future MC = $312m
Current MC = $210m
Potential upside is 50% -
not great considering commissioning risks, global market risks etc
If anyone has a more detailed set of figures, I'd be interested to see them.
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