Amen to that Mr H.
The value GS provided is eith as at today or a 12 month from now pric, I believe it is 'as at today'. Regardless we wont be at production in 12 months anyway.
Goldman Sachs did deduct the net debt of WPL from the sum of all the parts to deduce the final SOTP value per share.
I have seen GS's SOTP for WPL previously and they valued SNE and other undeveloped projects on a basis of 2C x $X = ?, where X was the estimated market price of that particular assets 2C resources at that point in time. Effectively it is the replacement cost.
So from my understanding their SOTP methodology for such undeveloped assets is a sale price rather than based on NPV, funding etc.
Goldman Sachs - Value of SNE :), page-12
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