sum of the parts, page-4

I should add that because I am using the inflation adjusted royalties in my NPV calculation the discount rate is a nominal rate (not a real rate).

My initial NPV calculation (of $425 million) did not use inflation adjusted royalties when I applied a 15% discount rate. But I believe that a 15% discount rate is extremely conservative (even when used as a nominal rate).

Anyhow, this is how I get to a current value of $486.2 million worst case valuation for the Adani royalty. This NPV will increase as time goes by and Adani's project comes closer to fruition (leading to a lower discount rate due to the lower risk of the project coming online).

It's simple mathematics and hard to argue against but I'm open to comments if anybody thinks I'm wrong here.