Just a look at what Cockatoo might be worth to PLV, assuming...

Just a look at what Cockatoo might be worth to PLV, assuming that Irvine never gets up, but I'm sure it will...Plenty of other assumptions...used goldmans's IO and AUD forcasts, no tax in first couple of years. Plenty of holes in the data. Don't know how to post the excel spreadsheet so others can plug stuff in. 2015 onwards assuming underground starts. With Irvine numbers added it gets really sexy. Anyway, below numbers just for a play.

2013 2014 2015 2016

%prem for Ore 9 9 9 9
Spot IO 140 126 90 85
Shipping 14 14.42 14.85 15.3
Cost of Production 53 54.59 56.23 57.91
USD/AUD 1.03 .93 .88 .74
Inflation 3 3 3 3
Int Rate 8 8 8 8
Royalties 8 8 8 8
No. of shares 250 250 250 250
% of Cocka owned 50 50 50 50
Cocka debt 0 0 50 50
Tonnes mined 1 1.5 7.5 7.5

Sale Price US$ 152.6 137 98 92
Cocka profit/tonne 73.5 71 36 46.6
EBIT 36.77 53.42 135 175
NPAT 36.77 53.42 94.4 122

PE 5 5 5 5
Share Price 0.74 1.07 1.89 2.45