Unfortunately, VHM has yet to publish any DFS, even prior to the IPO. They completed a DFS in March-2022 which they refer to in the prospectus and are planning to publish an updated DFS during H1-2023. The reason VHM gave earlier for not providing the DFS earlier to existing shareholders, was due to ASX restrictions related to the impeding IPO that continued to drag on.
But based upon the data provided in the prospectus I calculate an initial annual Operational EBITDA of ~$400 million, which is significantly above the current market cap. Recently lithium and rare earth companies have been trading at 4-8 x the Operational EBITDA.
VHM Price at posting:
99.0¢ Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)