RE: New TAM valuation based on the FSSo you could add this final goodie
Finally there now is clear for me that the "USD 297 - 495 million" figures are estimates AFTER capital costs have been deducted. Therefore my heavy stock dilution assumption, which was primarily motivated by capital costs probably is too catious, that is the true cash flow after capital costs are payed is correspondingly higher than the figure above. Correcting for this the price target should be significantly higher or around CAD 1 per share or a little bit more (calculating after tax)
Thus a corrected price target would be around or over CAD 4.6-6 !