You're more than welcome to my back of the envelope modelling...

You're more than welcome to my back of the envelope modelling too ! @Gus4444 the returns I use are based on potential takeover targets using EV/EBITDA multiples. I have actually been lowering the multiple ascribed to Genex on the basis of management's capital allocation decisions, and the fact the markets are not willing to pay as much as they were a few years ago.

I have added in the cap raise and bouldercombe, which significantly dropped the implied share price and total return to shareholders. What you will see from my numbers below, the debt to equity levels become REALLY stretched in 2024/25. There's no way they won't do more cap raises if they keep looking to expand their CAPEX into wind, unless they can do it as a joint venture of some sort where they don't need to put the equity up front. @bigdaddymoney is right about that.