Pippet how on earth are your figures conservative??
Where does the money for the 100Mt upgrade come from?? Do you not think that they need to pay interest on that funding above and beyond the $300M they already pay?
How can there be a $50pt margin? If anything that is pie in the sky? Especially at 45Mt.
Have you considered the cost of track maintenance? The lack of 3rd parties to use the track in the immediate future?
None of your assumptions (other than tax rate which isn't really an assumption) are in any way conservative or valid.
shorting, page-23
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