Based on Fosters old tolling capacity fees (note that the 8mtpa...

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​