Tax Loss CFYou guys can model no taxes payable and trading at 1/2 times CF if you want. I'm perfectly happy modeling 50% taxes until such time they give some guidance on the subject. If we knew for a fact that there'd be NIL taxes or a huge savings we'd be trading higher than this. If I've missed them providing this guidance, link it. You don't need to assume the best case, there's more than enough to justify a much higher SP's assuming 50% taxes. This beauty is these guys are just getting started and the big money is still on the outside, kicking the tires.