the valuation of the stock was based on 8x earnings, because the average price/earnings ratio is 8 for the sector. However, they didn't use earnings in the calcuation, they used a NPV... *reading document again*.. which appears to be a valuation of the project. Not the same as earnings of a project. Also, 8 is a random number, and again, may not be the most reliable multiple to use.
Do others agree?
to aussiedoc, page-2
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