Why the fire sale when company projected cash cash cash?, page-24

Yes I don't think anybody is doubting that the NGP opens up significant revenues for CTP far in excess of anything we've seen to date.

Unfortunately while we can estimate those revenues with a reasonable degree of accuracy from publicly available information on pipeline capacity and field production capacity, boiling it down from revenue to a NPAT figure (and hence a SP estimate as requested by CB) is not really possible at our level because we can't estimate the costs which come out of that revenue with any accuracy, and NPAT is highly sensitive to those costs. The final net margin might be 30c/GJ or it might be $3/GJ which is a ten-fold variation in CTP's profit, from $3M to $30M p.a. assuming CTP puts 10 PJ p.a. through the NGP. At a PE of 8 that could mean the difference between a share price of 5.5c vs a share price of 55c.