good find.steady as she goes.what percentage one wanders, could...

good find.

steady as she goes.

what percentage one wanders, could BGD negotiate a free carried position with its partners?

(thats why you have chinese jv partners, BGD contributes the location, the EIS, the goverment land etc, access to rail, port, location, location, location, leading ultimately to a profitable steel producer)

i'll take a stab at bw 15 and 20%. Speculation only.

When the JV and equity structure is finally sorted, we are in for a re-rating of all time.

I would poe, that if we had a free carried position in place, one could look at our mc, and suggest that a 30-50% discount to book value may apply. (as a potential takeover would look at the entire book value and seek a discount to that.)

ie, if BGD dont have to spend 800m for its 20% free stake say, then a take over, come devlepement risk, could value us at 30-50% there of. ?? mc 240-400m here we come.