Let me have a bit of more fun. Obviously if no new contacts were...

Let me have a bit of more fun. Obviously if no new contacts were signed and all existing contracts finished then in 10 years Zenith has no income but $100 mill of PP&E (which they have depreciated to NIL). Now it will not happen, but it would be odd to have all that PP&E with nil use for it. Now I say the PP&E would be worth $100 mill as they built $200 mill of stuff and it has a real life of 20 to 25 years, so I just 'guess' it is worth half.... half way through its life.

So, one would have the $5.8 mill profit per year for 7 to 10 years AND the $100 mill of stuff. I could argue the Zenith $88 mill market cap would be supported by $50 mill cash, and no debt, and $100 mill of captial PP&E. So the worst, worst case scenario is amazingly 'good'.

Now let us have fun and say Zenith just keep replacing their current 219 MW BOO. So they become PP&E MOVERS... not builders. How much does it cost to MOVE a power station, rather than buy/build it. Let us say, who really knows, let me guess 50%. Now PP&E will not be able to be depreciated. Just the cost of moving will be a deducible expense from earnings.

The point I am trying to get to is this: let us say there is NO depreciation - but the same income is earned from the assets. THEN what is the profit. The number I am gonna pull from my bum is this: the $14 mill yearly depreciation will half to $7 mill 'moving costs'. So as each contract finishes and is replaced by a similar - the EBITDA remains at $30 mill (the number I projected above). But the profit EPS will not be 5.8 mill a year, but more like $11 mill a year. You saved $7 mill in depreciation and paid the extra $2 mill tax - so PLUS $5 mill.

So now we have, after tax, EPS of 7 cents a share (up from the worst case scenario of 4 cents I noted above)

...and it will be higher as the FIIG is paid off. Saving around $5 mill year (interest and amortization after 2025). So I can forsee profit after tax up from 5.8 mill now, by adding another $5 mill a year (depreciation gone) and another $5 mill per year (no FIIG repay).... so by doing nothing other than replacing current contacts, using/moving same PP&E, in 7 to 10 years the EPS will be triple what its 4 cents bottom is now.... to 12 cents per share.

So my worst case scenario on Zenith is a plateau of $30 mill EBITDA and eps of 4 cents - and then in 7 years we have no contacts (so NO MORE EPS), but $150 mill of 'stuff' ($100 mill PP&E and $50 mill cash)

A poor-normal case is just replacing the current 219 MW, and not growing, and just remaining the same. But with depreciation and FIIG going away, the EBITDA remains at $30 mill, but EPS can even climb to 12 cents per share.

The issue here is it takes 7 to 10 years to get there. And can one (eg me) use their investment monies more wisely. Well, since I think the economies and markets and everything will be FLAT for the next 10 years, then if I can double or triple my investment (earnings) over 10 years, then that is great.

Have fun ripping my unscientific, maybe this or maybe that, scenario. But I project a safe, 30 mill a year EBITDA bottom end, 4 cents EPS... up to 'some number much higher'. Oddly, the more contracts they sign the more EBITDA they make, but less or static EPS. I really hope they do not grow too fast. Zenith is playing such a long, long game.

Now, if they want to 'slow down' the depreciation they allocate (as they hinted in the yearly) the EPS will be great. But, honestly, unless they are going to pay a dividend, there is no sense to pay extra tax. Just keep growing. But the silly Mr Market needs to figure this out at some stage. And maybe funds like TOP are not interested in a 5 to 7 year window before they see their growth.

So I can argue the share price should be 50 cents or $1 or $2. It depends on your time frame. Maybe a company that portends all will be great IN FIVE YEARS is not very inspiring to Mr Market.