RE:RE:RE:RE:RE:RE:RE:This is all BSIt all depends how much equity they will have to give up at the project level for each facility. But I think it's safe to bet they can project finance with debt for 70-80% of the capex..
Management's view is that once financed/permitted, the construction and technology risk are low. I think they can index or hedge much of the commodity risk out too.
So now you just need to figure out what EBITDA to the Corp is and then slap a generous multiple on that to figure out the EV. No matter what math you do, there is still lots of return in here. I think if they even go ahead with 2 projects, this should trade at $10-15 when the projects are cash flowing.. so how does that trade between now and then? Who knows. I know they are also concerned about being taken out before they actually hit production which would be opportunistic by a larger player in the ESG space.
I've been in since $.20 but have been adding all along, even >$1. This is a hidden gem in my opinion with very timely development