I think projections for Renison of 7,000tpa @ $9,000/t margin are reasonable.. that is $63m for 100%, $32m for MLX share.
EBITDA missing two large expenses - tax (30%) and underground development / sustaining capex - which is large for renison. Therefore the multiple for an EV/EBITDA should be low.
I always try to look at it from a cash point of view. If you assume operating cashflow of $32m less sust capex of $10m (MLX share) and tax of $7m (MLX share).. then ur only pocketing $15m in cash a year. Hard to value something which gives you $15m cash a year as worth $250m..
I think projections for Renison of 7,000tpa @ $9,000/t margin...
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43.5¢ |
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Mkt cap ! $398.7M | |||
| Open | High | Low | Value | Volume |
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