Twas just a first pass - not a comprehensive evaluation model....

Twas just a first pass - not a comprehensive evaluation model.

Plus, that sort of comprehensive model is something you would keep to yourself - information is advantage.

From the Morgans research note, last year (meaning 2014) on their original 350MW PHS facility only they would have made an EBITDA of $13m ($55m sales, $28m pumping cost, $9m transmission cost, $4m O&M, $2m corporate costs).

I realise this is wildly different than my post above, that post was just following the same evaluation as mouse for the PHS facility which in hindsight is probably folly to use in the case of the PHS given its circumstance.

Even on a P/E of 10 that is still over 6x current market capitalisation. Add to that the Turkeys Nest addition which bumps the nameplate capacity to 450MW (therefore, following same figures from Research Note, an EBITDA of $17m).