Good catch on Polar. Need to trim salaries and move to Mck.I think the powerplant is worth --considering the fact it carries debt (the rest of the debt has been wiped out). The Powerplant's earnings, less debt, should be worth between $0.51 and $1.40 per share.
The mill to is between $1.28 and $2.98 per share. It costs a lot to build a mill -- at least $500 CAD/MFBM.
The 632,000 M3/year plus 150,000 M3/year of tenue is worth money as we all know.
So, I see this being worth $2.95/share worst case, and $6.55/share best case. It's trading at 26 cents on the dollar of worstr case now so makes sense Polar is coming in heavier. I hope they will take control evenutally and remove Ken. But there's really no more damage Ken can do -- they clipped his wings. I trust he'll be taking a pay cut and moving to Mac full time. There ought to be a shareholder motion to cut exec compo in the coming annual meeting.
| Power Revenue | Multiple | EBITDA/year | Enterprise Value | Debt | Market Value | Value/Share |
| low | 6x | $14 | $84 | $60 | $24 | $0.51 |
| medium | 7.5x | $14 | $105 | $60 | $45 | $0.96 |
| high | 9x | $14 | $126 | $60 | $66 | $1.40 |
| | | | | | | |
| Mill | $/MFBM | Market Value | Value/Share | | | |
| low | 300 | $60.00 | $1.28 | | | |
| medium | 500 | $100.00 | $2.13 | | | |
| high | 700 | $140.00 | $2.98 | | | |
| | | | | | | |
| Tenure | $/M3 | Market Value | Value/Share | | | |
| low | $70.00 | $55 | $1.16 | | | |
| medium | $90.00 | $70 | $1.50 | | | |
| high | $130.00 | $102 | $2.16 | | | |
| | | | | | | |
| Summary | Value/Share | | | | | |
| low | $2.95 | sum of parts, based on the above three assets | | 26% |
| medium | $4.58 | | | | | 17% |
| high | $6.55 | | | | | 12% |