Model Update

This is what I see as the fundamentals of GXY in the year 2021
*assuming SDV first production late 2019 with ramp up over the following 18 months, consistent with SQM/LAC-Cauchari ramp up time estimates
*prices of LCE and spodumene based on Deutsche Bank long term pricing model (JL says all analysts in Lithium pricing don't know what they're doing besides Deutsche Bank)
*James Bay deliberately left out as buffer against any CR dilution, FX movements
*Tax credits used up before 2021, so paying taxes as usual in year 2021

	Column 1	Column 2
0	Calendar Year	2021
1	SDV
2	LCE production tonnes	35,000
3	Price per tonne	12,000
4	Operating Cost per tonne	3,000
5	EBITDA (USD)	315,000,000
6	AUDUSD	0.77
7	EBITDA (AUD)	409,090,909
8	Attributable to GXY (100%)	409,090,909
9	Interest (100m debt)	10,000,000
10	Depreciation	1,740,000
11	Taxes @ 30%	119,205,273
12	NPAT (AUD)	278,145,636
13	EPS of SDV (1946m shares)	0.143
14
15	Mt Cattlin
16	Spodumene tonnes	225,000
17	Price per tonne	550
18	Operating Cost per tonne (USD)	320
19	EBITDA (USD)	51,750,000
20	AUDUSD	0.77
21	EBITDA (AUD)	67,207,792
22	Interest AUD (USD 40m debt)	3,636,364
23	Depreciation	344,148
24	Taxes @ 30%	18,968,184
25	NPAT (AUD)	44,259,096
26	EPS of Mt Cattlin	0.023
27
28	Total EPS	0.166
29	PE	12.00
30	Target SP	1.99

This is my view, please DYOR, but follow fundamentals as the history doesn't tell you anything.
The future is key. The trend is your friend and right now electric vehicles and electric storage systems have just started to trend.

Seeking Alpha sees a 2020 price of A$2.32, so that makes me look like pessimist. So don't bark at me if my TP is lower than yours.
http://seekingalpha.com/article/3983653-galaxy-resources-excellent-way-invest-lithium-miners