RE:RE:RE:Bethune I think investors, like myself, would actually welcome a smaller more digestable project that still significantly moves the needle and should be easy to execute on.
It's important to note that ERTH is not a commodity producer and therefore take little to no commodity risk. They are a "spread" business. They buy the inputs and sell their fertilizer at a targeted gross margin between 25%-30%. The good news is their inputs are less sensitive to price swings like today, which gives them even more flexibility to adapt and even offer a lower cost alterantive like they are today.
Keith has been very vocal in the past that the business will generate consistent margins through cycles. I think this aspect should actually result in a higher valuation as investors don't have to worry as much about commodity swings. I.e. all they need to do is keep driving capacity expansion to show siginfiicant earnings growth.
So to answer your question, nothing has changed in terms of the planned economics for these facilities. They are still extremely profitable either way. I calculate 2x-4x EV/EBITDA build multiples for these faciltiies. That's extremely favorable vs. other industiries. And when you can finance a majority with low cost "green" debt, it becomes even more so.