RE: Energy Fuels calculationYes, of course the numbers would look quite different. Others (swedes) critisize me of pumping on the contrary
. I don´t like to overestimate reasonable price targets. I think you may risk to fool yourself in the end.
However I use exactly the same type of calculations with all of my uranium stock analyses (except for exceptional discounts (0-20 %) like the EFR for resource and KRI (15 %) for Mongolia), with the same p/e 10 on an assumed future fairly stable level of production, a 25 % yearly riskadjusted discounting interest rate.
This gives me a fair look at the relative valuation.
As far as the absolute valuation are concerned I think p/e 10 (or 10-13 for BIG uranium companies like SXR and UMN) is more realistic than p/e 15. I also find the 25 % interest rate fair, for these are true high risk companies. A company like Ur-Energy may motivate a higher p/e since they have relatively huge resources that might later create possibilities for a long term growth beyond the assumed 2 million pounds/year level.
Anyhow, I think there are somewhat better alternatives than EFR for my taste and calculation method. The latter has been successful so far here on the TSX and TSX-V for half a year (and in an slightly other form, during many years in Sweden on non-mining companies).