Alternate to the NPV - all IMO
Can see then if on Ancuabe large debt finance protects the value
$US 44m ($A58m) EBITDA / 768m FP
=7.5c per FP
Allow for a modest equity component but. Largely debt financed , maybe bring that figure back to 5c / FP.
Slap an earning multiple against that .
Then Nicanda hill - it just depends again on how the JV finances it. What equity is left to TON (50% ??) and what if any script dilution is required or whether we can push some of Ancuabe production revenues toward it .(unless free carried)
So those NPV are awesome , but it always comes back to how we protect EPS. (More a reflection of our peice of the pie after any JV participation and financed)
- minimal script diluting , eg via debt and by JV project equity and partner funding - where we lose a chunk of NPV to the partners plate - but we don't have to dilute with more TON script
Exciting times ahead - Buf Let's take it one step at a time.
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Alternate to the NPV - all IMO Can see then if on Ancuabe large...
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