What if Zenith signed NOTHING in the next 2 years, page-4

I hope you found my bug above. The first 'extra' $5 mill eps (depreciation gone) I correctly added 3+ cents eps. But the other $5 mill eps (FIIG gone) my mind went back to 100mill shares, so 5 cent eps. OOPs, sorry. What is 1.5 cents eps error between friends!

So let me recap (with some rounding)

No new contracts at all is = in 7-10 years no more eps, no debt, but $150 mill worth of stuff ($50 mill cash profits along the way, $100 mill PP&E)
No growth, but replace all existing, stay at 219 MW = 30 mill yearly EBITDA, 4 cents eps to start, growing to 12 cents (as depreciation slows (+4 cents) and FIIG is repaid (+4 cents))

So the EPS continually OK. The Cashflow remains OK ($30 mill EBITDA) with lessening ITDA against it.

re the all eggs in one basket, the risk is pretty much too many eggs are collected and dont fit in the basket, and therefore fall out and break. Or Doug and/or Hamish goes insane and collect some rotten eggs or steal the basket.

The interesting thing re me my typing this out, is I am less bullish. But I think the floor is more stable. Of course the other risk is particular projects (GCY, DCN) blow up.

Now for my next essay (not really, but maybe) I am curious the cost to PEA of losing Tanami (not revenue) but in MOVING their PP&E. I did not see any big hit to their yearly or accounts. So maybe it is not really 50% 'cost' to MOVE a power station rather than rebuild. And there were comments from Zenith re cost of moving GCY (15 MW). I did not look closely at that. But I bet I overestimated the 50%.

I will keep this as a buy for me until the price gets up to 65-70 cents. Then it is a hold. And it will glacially move up over the years.