share valuation, page-11

you can use a discount rate of 15%-20% n see what valuation you get on the cash flows post tax but pre depreciation etc and see what NPV valauation we get per share post assummed dilution or pre dilition if looking at dingo west only initially..obviously the valuation changes when sprinsure comes on board and the added dilution

Either way we saw around $2.50 as the mid point EPS valuation incl depreciation and interest and tax at 50%; On a cash flow basis it looks obviously looks better negating circa 30mill in depreciation off the bottom line alone!

This is obviously full FORWARD valuation - - gives u a picture of full value once everything falls in place

So u wait 2-3 years and you get a 6bagger or more

NOt bad and waaaaay undervalued from full value

Its a long term buy INMO