TSXV:CAV.H - Post by User
Post by
junior_mineron Apr 19, 2008 3:52am
392 Views
Post# 14987983
Simple valuation
Simple valuationCash in hand: 52+435-0.3*990 = 190
After tax NPV at $2/lb copper: 890
Manganese: + 300
BAJ's share 70%: 833
Cash + NPV: 1023
They have collected $961m, consisting of 475 + 435 + 52. The balance is -$29m
But I did not see these items (40m and 64m) included (March presentation):
Bank Financing Secured –US$475 million + US$40 million cost overrun
Surface & U/G Equipment Lease Secured -US$64 million
So, I don't anticipate more stock to be issued.
In all, these capex increases have been devastating. Any lesser project would have shelved already.
I don't like what happened recently, but there's still good upside. Producing companies are trading much above their NAV (or NAV uses more than 2/lb Cu). Four bagger at minimum.