RE:RE:CVWPg 19 of their Feb '23 deck indicates Ebitda of $185-$268MM per year per site (5 or 6 sites eventually possible). I suspect their share would likely be between 20-25%. That is $37- $67MM a year. As a royalty play their cost base wouldn't be great. My guess less than $10MM/year. So you probably have a pretax number of $25-$60MM excluding growth from additional sites or other clean tech business that might be eventually developed. What kinda of multiple do you want to put on that 10x? 20x? 30x? Hard to say but it is likely north $2.50 share and could be north of $5 before factoring in the other growth opportunities. That said it is still contingent on signing a deal. Certainly the incentives in the budget should make a deal more appealing. CNQ is obviously in the lead for the first build but if they drag their feet it would give other suitors a chance to catch up and try and capture some of those incentives. Lots of historical disappointment here but still seems compelling enough to expect something to be signed this year.