Similar to my estimates but this actually doesn't tell you much because you need to dcf the cash flows on sengkang lng from June 2015 to 2021. The cash flows on the power stations can be treated with a longer time horizon .. Say 10 years and then given a terminal value.
The risk of a capital raising (perhaps as high as 2 for 5 at 30c)in the next 6 months is very high due to the cost blow out at sengkang. By my estimate there is still 50m to 75m expenditure at Sengkang.
The other issue is the permitting problems being encountered getting electricity to the lng plant. This could be 6 months before it is resolved making the rights issue a dead cert.
Possible outcome, page-7
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