The pretax NPV of Kendrick and Ross 116m USD (67$u308 assumption), and not on time, not in budget. What valuation do you think the company should have? 550m like BMN who has post tax NPV of 317m USD (65$u308 assumption).
211m mcap PEN, NPV 177m AUD Kendrik/Ross - 0.83 ratio
550m mcap BMN, NPV 486m AUD Etango - 1.13 ratio
Shares outstanding
BMN 152m
PEN 2.1b
Seems within a pretty reasonable price difference given everything that has happened at PEN.
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