To answer this question: valuing a company that's got zero...

To answer this question: valuing a company that's got zero revenues and is pre-production is difficult so it'd likely be a discount to NPV. The questions that would need to be answered are:

- NPV for Mod 1 or Mod 1&2? Or jack it up for 2mtpa?
- What discount to NPV? 80%?
- What's the discount rate in the NPV calcs now that the risk-free return (US or AUS treasuries) is so low? 5-6%?
- What inputs are used in the NPV i.e. SOP pricing, forex etc? They've all changed considerably since the DFS.

In summary, it'll be easier just pick a nice round number and cross your fingers because the only ones that will know a TO premium will be those actually making an offer.