Anyone game to make time based sp projections?
I'll kick off with my thoughts based on the latest schedule from the company and using a few longer term targets. The DFS predicts annual cash flow of A$280mill at spot HPA prices. Based on that cash flow, an assumed near doubling of shares on issue and a low teens cash flow multiple, it's easy to come up with a sp target of $1.70 for a market cap of $1.1bill. For now, I prefer a lower base case target of $1 at commissioning of production and if HPA prices hold up and we get around $1.70, then that's a bonus. Commissioning is scheduled in just two years from now, so my two year base case target is $1 with potential for better than $1.50 not long after commissioning.
Plant assembly is scheduled to begin in 12 months and site works begin in just 6 months from now. That's when this gets more real. So I expect that on financial close and when site works begin at the end of this year, the sp could easily reach 50c.
If I'm correct, the sp could triple from here at some point in the next 6 months to 12 months and then double again in the following 12 months.
That's some serious upside and much of it could start to materialize with the first off takes and they can start to come through at any time.
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