Re KDR Chart, page-2120

This is my take on KDR. I originally predicted (in Jan '18) a SP of $3 by end June '18 - which will not happen in my opinion. Probably I was over enthusiastic at that time. Considering DFS announcement may not come through prior to Q3 & there is hardly any announcements we could expect in either Q2 or Q3 EXCEPT Offtake, I reckon SP will fluctuate between $2.1 and $2.4 in the short term (next 2 to 4 months). However, Offtake announcement will have a significant impact on SP and might push it towards high $2s...or probably even $3 depending on agreed sales price and partner. So IMO next rerate would happen only when we hear about our Offtake partner. If you are a long term holder it wouldn't matter whether rerate happens in Q2, Q3 or Q4 2018.