valuations change with results and execution...In a parallel...

valuations change with results and execution...

In a parallel universe when there was a potential business model to arbitrage asian energy markets with a low cost modular LNG "energy bridge" (ie stranded gas converted to LNG to infill the electricity shortages in the Philippines) I had a valuation of $3-$5 per share.

Delay, deceit, dilution means those valuations are long gone. I have not bothered redoing the work. I think Capital's work on the Philippines look right, but only if they get access to the OTC electricity markets or if the wholesale market pricing changes. This market will drive the value of the generators and the hub. The company has done little to convince me they can drive any change in that markt at all. I think that Capital's Indo valuation is optimistic - the Indonesians wont let EWC take sufficient cash to justify this. One way or another EWC will not get the benefit. Progress in Australia speaks for itself.

Lastly, the debt is now all or mostly due to SE. I don't know, but it feels to me that between the debt and the shares, SE controls 80-90% of the enterprise value (equity + debt) of the company, which means reality will one day take hold and we will be given the opportunity to repay the debt due to SE or forfeit the equity.