Edison Investment Research-Valuation at 3.98c per share, page-4

Thanks @hinkler, good find.

I've only had a quick glance, so haven't got a complete opinion yet, but I can see examples of "rubbish in, rubbish out".

Their base case 3.98c to 5.3c, due to assuming a $42m capital raising at 1.9c. That's a 2-for-3 capital raising or one hell of a private placement and I just don't see it happening.

There's just no way existing shareholders could be tapped like that.

It also doesn't take into account prepayments as a source of finance, which is literally what the pilot plant is for.

I need to compare their numbers to my own, but a rough adjustment just for the capital raising would give 5.3c and 7.2c instead of those numbers.

Will have a proper look later.

Cheers