Exactly Daz.
Current shares on issue are 177.116 mil on 30/11/09.
Tusker's model (i.e Ivor Ries frm EC Baillieu) has factored in 220m, 250m (mid case) & 500m(best case). He's talking 'Final Issued Shares' & has quoted $9.3/sh for the mid-case scenario for Browse. What the!!
Frankly, if one was to use his $2400m for 2.8tcf (i.e. 40% of 7tcf, net to KAR), then for 177.116m shares on issue, the derisked value/sh for Browse is $13.55/sh, not $9.3/sh.
Applying 32% CoS to this $13.55, one gets $9.21/sh, but this prospect is already derisked, so 32% risk doesn't matter, IMHO.
Wonder what the other Insto's are talking?
investsmart says sell, page-11
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Last
$1.75 |
Change
-0.020(1.13%) |
Mkt cap ! $1.405B | |||
| Open | High | Low | Value | Volume |
| $1.78 | $1.79 | $1.74 | $5.751M | 3.281M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 10000 | $1.74 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.75 | 7996 | 1 |
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| KAR (ASX) Chart |