Mackie
Valuation – A $3.10 Target Price,
With “Blue Sky” To $11.00
Undervalued:
Based on an assumed long-term
TiO2 pigment price of $3,500/tonne, we calculate
an NPV of ~$3.00/share in the scenario where
Argex processes a mineral sand based ilmenite
feedstock at one 50,000 tonne/year module. As
Argex builds out 3 additional modules of this
size, we calculate a total potential “blue sky
NAV” of close to $11.00/share.