I don't have the data to undertake an estimate of PAT, that's...

I don't have the data to undertake an estimate of PAT, that's why I used the EV / EBITDA approach - which I think is much more robust than P/E.

The point of my simple analysis was to show that the project presented by the company has capex of A$725m and a potential EV (ie mkt cap if no debt and cash at hand) of less than 50% of its cost. Okay, it's my analysis and my opinion, but who in their right mind would buy such a project - let alone lend to it? (Banks want sponsors to have a compelling reason to complete projects if/when things go bad. I can't see any compelling reason.)