Just updating my earlier analysis based on the recent additional...

Just updating my earlier analysis based on the recent additional share issues after the $20m capital raise and also as I realised I had not included the likely conversion of the 121m of 50c options that went alongside the Feb 2021 capital raise. Hence, we are likely to have at least 1,051m shares on issue at the time of iM3NY listing, which shifts my 1.8GWh valuation analysis impact (63% of iM3NY and a 0.75 exchange rate) as follows:

30x EBITDA - from $0.92 to $0.81 per MNS share
35x EBITDA - from $1.07 to $0.94
45x EBITDA - from $1.38 to $1.21

As mentioned in earlier posts, I suspect that the selected US broker in pitching the iM3NY listing will place heavy emphasis on an imminent upscale to 5GWh, in which case the possible iM3NY valuation at 30x EBITDA multiple (MNS at 63% and with 1,051m shares on issue) equates to $2.25 per MNS share. Hence, I suspect that the float could be pitched as a mid-point between 1.8GWh capacity at listing and 5GWh capacity in another 12 or so months post listing to allow for a strong float.

Obviously this analysis excludes any attributed value to Nachu or Townsville. These are just my attempts to make some sense of what a listing of iM3NY may be worth for MNS and as always, DYOR.