RE: RE: Pretty Much All UpsideYou are correct that EDV's cash position would go up ~$103M (net ~$280M cash position) if all ITM derivatives are exercised. Endeavour also has $33M in "other investments" as well, but lets assume that it offsets with the drawn on debt facility. I was just being conservative by adding share dilution for the calculations without the benefits of the added cash from warrants since they may not be exercised until 2014. Regardless, the market is pricing Etruscan with a FMV of just $115M!!!
Take the forward OCF of ~$53.6M on Youga and you get a multiple of ~2.1x based on that project alone. Youga has 709koz M&I (June 2010) so it should generate cashflow for 8+ years. Basically, Endeavour paid a huge discount for Youga and everything else in the acquisition package came free! EDV should be even higher than my top end of conservative estimate of $3.91. This proves the market is inefficient and needs to wake up!