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On the surface of it, the first page looks impressive. No EBITA post tax because they can't be sure what the tax rate is going to be. Yikes.Capex $1B Aussie, double yikes. I thought it was much less than that in the previous FS, but can't be sure.Market Cap of under $500m, so if they get it funded from a magic money tree (RIO) it should eventually be worth a bit more if it's earning US$409M pa. NPV US$2.3b. Not sure if it'll ever catch up to that valuation.Might not get anywhere until the graphite market sorts itself out. But, since it's a secondary product after the rulile, maybe it's not toooo much of an issue.[ATTACH=full]191746[/ATTACH]
On the surface of it, the first page looks impressive. No EBITA post tax because they can't be sure what the tax rate is going to be. Yikes.
Capex $1B Aussie, double yikes. I thought it was much less than that in the previous FS, but can't be sure.
Market Cap of under $500m, so if they get it funded from a magic money tree (RIO) it should eventually be worth a bit more if it's earning US$409M pa. NPV US$2.3b. Not sure if it'll ever catch up to that valuation.
Might not get anywhere until the graphite market sorts itself out. But, since it's a secondary product after the rulile, maybe it's not toooo much of an issue.
[ATTACH=full]191746[/ATTACH]
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