Yes I think it would be a crucial piece of the financing puzzle when it come to SDV funding.
I have always made the assumption of prepayments in my SDV models, now i'm factoring the offtake partner taking a 20% equity stake in SDV. Mr Rule said debt would not be needed if this deal eventuates so just updated my model as such
Column 1 Column 2 0 Calendar Year 2022 1 SDV 2 LCE production tonnes 25,000 3 Price per tonne (USD) 12,000 4 Operating Cost per tonne + royalties (USD) 4,140 5 EBITDA (USD) 196,500,000 6 AUDUSD 0.8 7 EBITDA (AUD) 245,625,000 8 Attributable to GXY (80%) 196,500,000 9 Interest (A$100m debt) @ 10% - 10 Depreciation 1,740,000 11 Taxes @ 30% 58,428,000 12 NPAT (AUD) 136,332,000 13 EPS of SDV (400m shares) 0.341
So apply your fair value PE whether it'd be 12 or 15 then you get a range of A$4.09 to 5.10 for SDV valuation alone by 2022
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