I have had a slow weekend and have kept plugging away at my DD...

I have had a slow weekend and have kept plugging away at my DD and valuations. Below is a summary snapshot of whats on offer to investors from today. It shows there is a strong asymmetry in the return profile for BSE as it is still at a discount to NAV as well as the NTA in the annual report. One is getting paid to wait and see if the recovery in TiO2 will be sustained. If it reverts to longer term averages, then once can still make bags from here with a lower level of risk given the strong cashflow and the fact the project survived the sector lows of last year. In a year or two, BSE will liekly be spitting off a lot more cash which puts it in a position to pay off debt faster or to make some moves (M&A) or even potentially to pay divs.