Looking at the original document, MST's RAC valuation appears to be done on an undiluted basis. Back in February 2021, RAC had 129.5 million shares on issue. At a price of $4.88 per share, that gave RAC an undiluted valuation of $632 million.
As of 11 March 2022, RAC had 159.5 million shares on issue, so at $4.16 per share, MST would appear to have increased their undiluted valuation of RAC to $663.5 million (exactly a 5% increase since Feb 2021).
So the drop in per-share valuation is not quite as bad as it appears at first glance. Though just giving a 5% increase without seeing the justification behind it would seem to be somewhat arbitrary... e.g. maybe they just gave us a CPI increase.
Also, I have no doubt that RAC management would feel (as do many of us I'm sure) that the progress and discoveries made since February last year would warrant much more than a 5% increase and that could easily explain any pre-presentation tension if that were the case.
Looking at the original document, MST's RAC valuation appears to...
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$1.65 |
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Mkt cap ! $281.0M | |||
| Open | High | Low | Value | Volume |
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| No. | Vol. | Price($) |
|---|---|---|
| 1 | 16759 | $1.65 |
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| Price($) | Vol. | No. |
|---|---|---|
| $1.69 | 12047 | 1 |
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