EVG 5.41% 3.5¢ evion group nl

re: Ann: Further Delays to Financing Las Lagu... Hi cy7,Agree...

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  1. JID
    3,568 Posts.
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    re: Ann: Further Delays to Financing Las Lagu... Hi cy7,

    Agree with your numbers.

    Basically the market is applying a +90% discount to the EV/POG due to the still-to-be resolved risks.

    ie, EV/oz $92 vs. the actual projected margin when LL is in production of circa +$1,000 per oz.

    At current POG LL will produce free cash flow p.a. of $65m. (ie 65k oz x $1,000 cash margin). Whilst Mac Bank and the Dom Government take a reasonable chunk, the LL project ALONE is expected to throw out $160m to EVG over its project life.

    As you say cy7, the SP is overly conservative IMO and not correctly pricing in the risk.

    Cheers
    john
 
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