I hear Macq have just increased their target to 70c.I use a very...

I hear Macq have just increased their target to 70c.

I use a very quick valuation (back of the envelope). The announcement said EBITDA is $126m. A stock of this type should carry around 5/5.5 Enterprise Value/EBITDA multiple. Assuming they have to raise say $50 / 60m assume average $55m, and at a discounted price on today's (lets say 44c)...  that's an extra 125m shares on top of around 200m shares, ie 325m shares say. 

EV/EBITDA 5.5 X 126m = 693m market cap / 325m shares = $2.13 (in production valuation).

Then discount this by risk factors associated with plant & commissioning issues, off take, financing and budget issues - many of which are almost complete. These guys so far have been almost on time, on budget, and done what they say they'd do. Lets discount by a whopping 30% & fair value I believe is $1.50. 
BUY!