Argento, you are correct. My NPAT came to $200m. It is easy to get this figure up to $400m on urea alone without the additional earnings streams. Also, I have assumed only 35PJ pa, while the company has hinted that 60PJ is achievable. That means $500m NPAT at least so that's a SP of some $7.50.
I just hope that LCK doesn't pay some stupid money in the future for IPL's distribution business. Surely if I'm the lowest cost domestic producer all buyers will come to me so IPL's distribution business is worth nothing.
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