From the seeking alpha article:
2021 scenario - assuming 240KT production of SC6, 80KT shipped for 8KT JV hydroxide production, Alliance's share is 4KT, cost of production US$7k/t, sale price US$13k/t = EBITDA US$24m, A$34m, 160KT SC6 sold at an EBITDA margin (net of tantalum credits) of A$400/t = EBITDA A$64m. Total EBITDA = A$98m. What's a fair EV/EBITDA multiple for a potential ~50/50 future production split between SC6 and hydroxide and 16-year plus mine life? Conservatively, 6x in my opinion, placing an A$588m EV valuation on Alliance. As the company should repay its outstanding A$40m debt by then from free cash flows in 2019/2020, that equates to a conservatively calculated estimated fair value, excluding unknown cash on hand, at A$0.40 in 2021 or 90.5% higher than the current share price of A$0.21.
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From the seeking alpha article: 2021 scenario - assuming 240KT...
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