So let's do a theoretical crap scenario for vulcan. All these...

So let's do a theoretical crap scenario for vulcan. All these very interested gov backed credit agencies pull-out and vulcan has to fund the project through pure equity. The price per share in this scenario is $5. Which including current outstanding shares brings the total dilution to 489,104,000 outstanding shares. The post tax NPV is $4,236,200,000 AUD, which when divided by outstanding shares gives us a SP of $8.66 AUD bummer right? But wait! That's not the full story! Revenue per annum is $1,140,690,000 AUD. Taking away the operating cost of $7103aud per ton ×24000 tons per annum we get an 84% EBITDA or $970,218,000. Now let's be really depressing and say that after tax etc we only profit 50% (highly unlikely) this still gives us a dividend yield of .99c aud per share.. which equates to 11% dividend yield. Now if we compare this yeild to similar industries like say albermale .78% dividend yield or even rio 5.8% dividend yield. We can see that even in a really shit scenario with full dilution, and cutting real profits in half. We still have a situation that because of a high yield investment of 11% the price will go up, and say that yeild drops to 5.5% that would mean a SP of $17.22.... and that's just phase 1.......