Valuation/EV

Hi all,

I'm a long term follower of EWC and previous shareholder who lost interest due to the continued project delays and the seemingly lack of transparency we are all acutely aware of. More recently I'm had some uninvested funds and been re-looking at EWC and the investment case.

Aside from the two issues mentioned above the other trouble i have had is actually putting a value on what EWC is worth if the projects come to fruition and how this will translate into returns for the minority shareholders. Has anyone else spent time thinking/do this?

For context at the current share price you get a market cap of ~$340m and the group has around $630m of net debt which is mostly owing to related parties, givin an EV of close to $1 billion.

Thanks
C