Could not agree more with how you see Axiom as a company playing out. There is a lot of credible estimations pointing in that direction. RCR research has almost gotten it spot on so far and RM has once again confirmed the economics of the base case project, namely:
Earnings $170m/y - let's give AVQ a conservative multiple then of 2x - that's a MC of $340m or put differently 6x what it is today.
As far as the injunction goes and an appeal. All things being equal, I don't see commissioner Brown declaring that Smm had abused the Court process in a vacuum. He would have consulted with his bosses on this beforehand.
So can one expect the Appeals Court to hold the same view. Quite possibly. If that is the case then hard to see how the injunction can stand.
If the injunction goes then that is the clearest signal to Smm to say .... don't even bother appealing and I'd be very surprised if they will.
I suspect this is why RM is so confident that they will wrap it all up next week, which could include a settlement by the respective legal teams on legal costs and damages to be paid by Smm.
imho
AVQ Price at posting:
1.5¢ Sentiment: None Disclosure: Not Held
