I agree on the capital management being problematic. I was still buying on market and walked into a kick in the proverbial. I understand your point, in this case the price to free cash flow as presented is for the one project. The others may wash their own faces and more so in time. You are potentially ignoring the likes of a farm in on Condor or FCF (or sales proceeds whatever) from Guarvantees as examples. TPD have several projects and multiple funding options within those. My point, and it stands is that I do not think this is priced in for walyering. The market is forward looking, but I do not see it here. Money is on the sidelines waiting to see it go into production in my opinion.
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