RE:For the bashers: here are some REAL numbers to back my proj
Spetty77 wrote... For the bashers: here are some REAL numbers to back my proj . I hate doing peoples' research for them, but there's no better way to battle idiocy than with actual information. All of these #'s are contained within the company's investor presentation. Assuming that the margins for the new JV are the same as the other projects, whicb there's no reason to believe they won't be, here are the #'s: When fully ramped up: existing 115 million grams/yr + 200 million grams/yr from new JV. That's 315 million grams per year. Plus the 5.5 million grams per year from the recently announced license agreement. So call it 320 million g/yr (assuming no addt'l streaming deal announced). Adjusted EBITA will be $5.25/g =$1.68 BILLION/yr in adjusted EBITA. Traditional multiplier applied to future EBITA for streaming/royalty companies in the mining industry (the only comp we have) is 19x forward EBITA. Let's be extremely conservative andf call it 10x. That would imply a market cap of 16.8 billion. Lets assume a billion shares, which is extremely conservative. That's $16.80/share. And again, this implies no value for the ownership stakes in their streaming partners. This also implies no future streaming deals. I think between those two items we can assign $3.8 billion in addt'l market cap which would take us to a $20 billion market cap, or $20/share assuing a billion shares. Any questions? Concerns? My question is where do you get a billion shares from?