Potential 845%, page-5

Now with 2,0 Mio/T operation (in 2017 ?) and multiplier 6,4 (same as MMI) and add. capex

	Column 1	Column 2
0	Australien Bauxite (at discount rate 15%)
1
2	Bx = US$/t CIF China	60,1
3	Discount for low content	-2%
4	Bx = US$/t CIF China effectiv	58,9
5	AUD /USD (long term plan)	0,81
6	CIF China in AUD/t	72,7
7	Shipping to china in AUD/t	-25,3
8	FOB price in aud/t	47,4
9	Royalties in aud/t	-0,5
10	effictive price sales price aud/t	46,9
11	operational costs aud/t	-32,0
12	operational magin in aud/t	14,9
13	---------------------------------------------------------	--------------------------------
14	Sales in MioT/Year	2,0
15	---------------------------------------------------------	--------------------------------
16	Gross Profit in mio aud/year	29,8
17	interest in mio aud (at 0%)	0,0
18	depreciation in mio aud (at 10 year amortization period)	-2,4
19	EBT in mio aud	27,4
20	TAX (38,8%)	-10,6
21	Profit /year in mio aud	16,8
22	multiplier	6,4
23	Total value company	107
24
25	JV	50%
26	Total value ABX	53,7
27
28
29
30	Capex in Mio AUD	24
31	borrowing capital in Mio AUD (55%)	13,2
32	new own capital in Mio AUD (45%)	10,8
33
34	Issue price new shares beginning 2016 in audcent	30,0
35
36	Shares old	127
37	Shares new	36
38	Shares total	163
39
40	Value in mio aud	53,7
41	Shares total in mio	163
42	Price Target in aud	0,33
43
44	actual price in aud	0,325
45	potential	1%