My excel spreadsheet currently has AJM valued at between 0.38...

My excel spreadsheet currently has AJM valued at between 0.38 and 1.02, depending on the assumptions used. The "good case" below is based on AJM's published announcements, while the "bad case" is skeptically assuming not everything will go do plan. Either way, AJM is a strong buy.

These share prices are based on P/Es of 9 and 11, which I'm sure you will agree is conservative.

Feedback very welcome. I'm always up for improving my excel spreadsheets.

	Column 1	Column 2	Column 3
1		bad case	good case
2	cost to produce per Tonne (AU)	347.6	316
3	yearly production estimate	175200	219000
4	price (USD)	750	950
5	AUD/USD	0.79	0.79
6	Capital costs AU	$132,000,000.0	$110,000,000
7	Annual interest (15%)	$19,800,000	$16,500,000
8	Other long term debt	$17,000,000	$17,000,000
9	Long term debt repayments (10%)	$1,700,000.0	$1,700,000.0
10	estimated profit AU	83,929,594	175,950,430
11	Number of years to complete	1.2	0.8
12	Discount per year	16%	15%
13	Adjusted profit AU	$67,318,433	$154,185,603
14	P/E	9	11
15	market cap	605,865,894	1,696,041,635
16	Cash	30,000,000	37,000,000
17	Interprise value	635,865,894	1,733,041,635
18	Share options	77,000,000	77,000,000
19	Number of shares	1,614,322,513	1,614,322,513
20	fair value share price	$0.38	$1.02