It was simply a sum of parts. Thus the cash part was lowered and debt (now drawn) that was not there before is now included. Just pointed out main bits what have changed.
Manora "value" has not changed IMO. How you value it is up to individual choice. I agree that cash/debt does go in as Manora capital but then that is reflected in the asset NAV
I've done my own NAV/DCF calculations for Manora and they fall within Broker asset estimates. I've also had positive experience with another company in that area so am comfortable with my asset value for Manora. In the end all assets are only ever worth what someone is willing to pay for them (the sale scenario) or what you get for rent (the production scenario)
Since I only value Manora & cash the rest adds zero (we know its not zero but for sale sign is out and depends on offers).
Once production starts and ramps up the net cashflow to TAP is significant - est is arounf $200M 1st 4 years.
Net Net - don't try to predict SP like Brokers but understand the asset value and where in the cycle it is. I like TAP because of Manora and then comes upside from asset sales (we hope).
100% agree with your " Those with patience to wait until the end of the year will be rewarded."
TAP Price at posting:
34.5¢ Sentiment: Hold Disclosure: Held
