Hi mal Ok firstly any increase in balance sheet assets is...

Hi mal

Ok firstly any increase in balance sheet assets is recorded as income on profit in loss as is any write down which is recorded as expense. So any revaluation in assets is shown through p/l

Now tax is a totally different ball game. The above is not taxable nor deductible. It may leave to temporary taxation differences such as deferred tax assets and liabilities but not actual tax paid in cash

I only look at cash ebitda as this is a true indication of cash flow and a company's ability to pay dividends or fund its growth

Major advantage to tfs is it has no competition with massive barriers to entry. Major disadvantage is the price of the commodity is outside company control. As huge supply comes into the market in 2022, will this effect the commodity price? If price stays where it is now, this stock will be worth many times current share price