Potential Stock Price, page-5

Based on Fosters old tolling capacity fees (note that the 8mtpa per project is cumulative of the original 4mtpa, and that the exchange rate at the time was 77.5c):

		Magnolia		Bear Head
1	Capacity (mtpa)	4​	8​	4​	8​
2	Year of Production (FY)	2019​	2020​	2020​	2020​
3	Tolling Capacity Fee (/mmBTU)	$2.30​	$2.40​	$2.30​	$2.40​
4	Capital Cost (millions)	$2,300​	$3,500​	$2,300​	$3,500​
5	Project Debt (millions)	$1,640​	$2,840​	$1,640​	$2,840​
6	EBITDA (100% basis)	$404​	$844​	$404​	$844​
7	LNG equity interest	60%​	60%​	80%​	80%​
8	EV/EBITA multiple	12​	12​	12​	12​
9	EV (millions)	$4,853​	$10,129​	$4,853​	$10,129​
10	Equity (millions)	$3,213​	$7,289​	$3,213​	$7,289​
11	LNG Equity (millions)	$1,928​	$4,373​	$2,571​	$5,831​
12	LNG Equity (/share)	$4.03​	$9.13​	$5.37​	$12.18​
13	LNG Equity (/share) AUD	$5.19​	$11.78​	$6.93​	$15.71​
14	Discount rate to production	15%​	15%​	25%​	25%​
15	LNG Risked to Production Equity (/share)	$2.36	$4.96	$1.83	$4.14
16	LNG Risked to Production Equity (/share) AUD	$3.04​	$6.40​	$2.36​	$5.34​