Just revisiting this post from June, we're now 100% higher at 006, with an mc of $2.46M or EV ~$2M. Now TWH doesn't have quite the profile mgmt that some shells do, so you'd think maybe $3M would be about as high as the mc would go without a deal. That's 008. Of course we've all seen shells rally into a TH and volume today was interesting, with 005 then 006 getting snapped-up pretty quickly.
In terms of the pro forma valuation, I'm thinking something like:
410M fpo existing
410M fpo vendor shares
250M fpo via $5M CR @ 2c
+++++++++++++++++++++++
1.07B fpo
$5.3M cash
mc ~$21.4M @ 2c
ev ~ $15M
+++++++++++++++++++++++
This seems like a pretty undemanding mc scenario that wouldn't require an A-grade project to get to. It's also a solid 230% above the current price. Now if they did manage to pull-off something a little better, we could work with the standard $30M mc, which would be ~2.8c or a 360% return from the last traded price.
TWH Price at posting:
0.6¢ Sentiment: Buy Disclosure: Held
