fair value for AGO, page-3

I read average price of US66
Enterprise value is calculated as the market capitalization plus debt, minority interest and preferred shares, minus total cash and cash equivalents.
348+118debt-80cash-(2 months ebitda (assume 35 margin times 2mil tonnes=70) -70=$316 mill EV

With debt, cash and capex money, using EV and EV/ebitda ratio they say is preferred for mining stocks.
Again that future ratio seems to less than 2, like the p/e.

The consensus in 2-3 months if IO and EX rate and the market value is up to the market. Ratios of 3 to 5 is my expectations.. So using EV and an extra 240mill, then EV is 348+118-80-240=$146 mill EV.

If ebitda is 240, then EV/EBITDA is 146/240= EXTREME BUY