General Discussion Banter GLN, page-14931

1) The post you are replying to does deduct interest before tax.
No shit. Hence the word "aside".

2. My table also includes a variety of LCE price assumptions, not just spot - in fact, I include everything from the absolute bears...
Yes your table includes a stack of pricing forecasts from Investment Banks (who provide information to the public for free in order to influence the markets) and none of the "independent" pricing agencies (other than the price Galan used).

3. I see you have arrived at a P/E of 10...
Yes. Given that we are only talking about phase 1 which is a small fraction of the growth potential, Galan will easily achieve a PE of 10 based on this initial phase and also given its long life of mine. In fact, it's much more likely to achieve a PE of 20 or more as the market will forward price the growth of subsequent phases, especially as it gains confidence in Galan's ability to execute.

4. There's a lot of focus on depreciation, but this does not change the EV/EBITDA multiple which is the main point of the calcuations.
Your original posts were talking about Free Cash Flow and the ability to pay down the debt within a reasonable out of time. Your original calculations have now been shown to have some pretty major omissions which means your FCF estimate was out by over 150%. Now you are saying FCF is besides the point, its all about the EBITDA based valuation!?!