most investors esp instos are of the view that AVZ needs to...

most investors esp instos are of the view that AVZ needs to trade at a discount of NPV due to sovereign risk

Thus a discount of AVZ's share of NPV actually takes things a lot closer to current MC

eg. you add on the $610M USD to the current market cap and this in my opinion is pretty much equivalent to what AVZ's market cap should be once it gets to FID, when you consider 75% share of NPV per the ago preso, then discount for sovereign risk. in other words I think AVZ is currently fully priced for success.