RE: RE: bondI thought that I would beat up this NAV thing a little more.
Say we use the $15 NAV with 280 million shares but we only issue shares valued (via NAV) on par with the bond debt. That means that the total amount of shares outstanding would be 1.3 billion.
Therefore, $15 X 280 million divided by 1.3 billion = $3.23/share NAV with 1.3 billion shares outstanding and $1 billion dollars less debt.
With 100+ oil, using unrealized gains and forex losses similar to last year, minus some debt load, break even should occur around $350 million and that equates to close to 35k bitumen.
At full rates, $450+ million EBIT, or 35 cents EPS. A conservative 10X P/E puts share price at $3.50.......pretty close to NAV.....bonds are selling for 56 cents and shares for 23 cents.
If that's a bad deal for bond holders then I guess I better go buy some bonds!