npv for 40mw gt power plant, page-4

In principle the $0.50/share is correct if CXY use 100% debt to fund the 400 mw plant. However, they are planning to sell syngas to the plant owner and take a smaller holding in the plant itself (not sure of exact split = its not finalised in any case). So the real NPV is not this high, but still potentially much higher than current sp.

But my main point was that the success of the 40mw plant seems to be already factored into the current sp, and for me it's still quite early to bank on that. Also current interest in CSM may subdue interest in using UCG for power. Just IMO.