Had a tough run this share but are we through the worst and...

Had a tough run this share but are we through the worst and about to hit better times? Well I thought I'd have a wee look so I prepared a forecast to get some idea of what the future holds. I used HRR's BFS dated 29/6/16 and updated it for product prices, exchange rate & financing struture. Here it is:

	Column 1	Column 2	Column 3	Column 4
0		Units	2019	2020
1	Assumptions:
2	Mine Life	Years	10
3	Commercial Production Declared	Date	1/1/2019
4	Production - Zn	mmlbs	44	88
5	Market Price - ZN	US$/lb	1.50	1.50
6	Production - Cu	mmlbs	11	22
7	Market Price - Cu	US$/lb	3.00	3.00
8	Production - Pb	mmlbs	13	26
9	Market Price - Pb	US$/lb	1.15	1.15
10	AUDUSD		0.78	0.78
11	C1 Cash Cost before BPC	A$/lb Zn	1.50	1.50
12	Royalties	%	4.0	4.0
13	CTR	%	30	30
14	Revenue Tax Losses	A$m	97
15	Development Capital	A$m	156
16	Sustaining Capital	A$m	-10	-26
17	Results:
18	Revenue	A$m	146	292
19	EBITDA	A$m	70	144
20	PAT	A$m	52	97
21	FCF (Free cash flow)	A$m	53	95
22	Valuation:
23	EBITDA MULTIPLIER = 6 Times	A$ per FDS	0.19	0.41
24	PAT MULTIPLIER - 11 Times	A$ per FDS	0.25	0.49
25	FCFMULTIPLIER - 10 Times	A$ per FDS	0.18	0.49
26	AVERAGE	A$ per FDS	0.20	0.47

Hence based on the above my SP forecasts for HRR are:
1. 2019: HRR's SP = A$0.20
2. 2020: HRR's SP - A$0.47
The current HRR SP = A$0.074 so it looks like there is potential for a re-rating at some point in the future.
Please remember this is all my stuff and before you invest you need to DYOR.