That $6bn TenderBook..., page-5

I agree Parma.

No analyst is going to create a model with revenue for 2019 of $2bn but it has some chance of happening! That’s the good thing about these large projects (we all know there are bad things too).

Hard to quantify, but if I ignore current revenue and focus on the tendering and general environment then to me it’s ‘possible’ or maybe ‘balanced’.

Even if margins slip a bit and valuations are 10 x expected eps then we’d be at $3+

I’m thinking if we’re holding now with $1.80 as fair value to capture some the value of the possibility it could happen, and the chance that nothing bad will happen with Goldngs or existing contracts then we are not getting ahead of ourselves.

Interesting position we’re in - the bulk of larger investors are unlikely to buy this possibility until it actually happens, and a lot of multi baggers feel they have to take profits anyway.