Only a bit concerning. Auditors are conservative. Stocks like this are risky. Especially with timelines. They don't want to be caught saying the construction is worth cost when a fire sale means it's not.
The upside on getting these projects operating is attractive. The downside of not starting operation is a bunch of worthless white elephants.
The Auditor has effective aid he can't agree the company's assumptions that underpin a valuation equal to cost.
What is price/NTA? If it is less than 1 then it is nothing new to shareholders, who are less conservative than Auditors.
EWC Price at posting:
17.5¢ Sentiment: Hold Disclosure: Held
