.I wonder how UBS got that valuation?
I reckon like this
Spod price = $1,000 ( that doesn't change for 4 years)
all in sustainable costs (FIB costs + 30%) = $700
profit = $300
volume produced = 1000 kmt or 1 million tonnes
total profit = 1 million x $300 = $300m
to get EPS...
EPS = $300m / 3bn shares = $0.10
then you would use PEG = 1 to find present value
no price growth in spod but production growth over 5 years of 25% gives you the growth figure
so growth = 25% which when using PEG=1 implies a PE = 25
therefore 25/25 = 1
Price/PE= EPS = $2.50/25 = 10c
using a back of an envelop calculation, I think $2.50 makes sense actually.
.I wonder how UBS got that valuation?I reckon like thisSpod...
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