Interesting Research Paper on AQA – comments as follows:
Ref p3 - Based on DCF analysis - values West Pilbara at 3c / share or $12m
Ref p6 - Based on comparable transactions – Roy Hill implies a range of $50/t to $136/t capacity and based on AQA share of 20mtpa implies a range of $2.40 to $6.60 per AQA share. Based on RHI share at 3.6mtpa this gives a range of $4.10 to $11.12 /RHI share.