If we include the goodwill component and land value of JV's (as per Genuity with JV land value modified) and maintain a 10% valuation then we are undervalued at even a 4.0 million tonne figure.
| NI Equilalent |
3% |
|
|
|
|
| |
|
|
|
|
|
| NI Price / LB. |
$ 10.00 |
|
|
|
|
| |
|
|
|
|
|
| F/D Shares |
135000000 |
|
|
|
|
| |
|
|
|
|
|
| Other Properties |
$ 1.00 |
|
|
|
|
| |
|
|
|
|
|
| Current Share $ |
$ 4.85 |
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Tonnes Ore |
4000000 |
5000000 |
6000000 |
7000000 |
8000000 |
| |
|
|
|
|
|
| Nickel (tonnes) |
120000 |
150000 |
180000 |
210000 |
240000 |
| |
|
|
|
|
|
| Buy-out Value |
10.0% |
10.0% |
10.0% |
10.0% |
10.0% |
| |
|
|
|
|
|
| Gross Metal Value |
2640000000 |
3300000000 |
3960000000 |
4620000000 |
5280000000 |
| |
|
|
|
|
|
| Share Price |
$ 1.96 |
$ 2.44 |
$ 2.93 |
$ 3.42 |
$ 3.91 |
| |
|
|
|
|
|
| Goodwill |
$ 1.49 |
$ 1.49 |
$ 1.49 |
$ 1.49 |
$ 1.49 |
| |
|
|
|
|
|
| JV Land VALUE |
$ 1.36 |
$ 1.36 |
$ 1.36 |
$ 1.36 |
$ 1.36 |
| |
|
|
|
|
|
| Other Properties |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
| |
|
|
|
|
|
| S/P Should be |
$ 5.81 |
$ 6.30 |
$ 6.79 |
$ 7.28 |
$ 7.76 |
| |
|
|
|
|
|
| Current Price |
$ 4.85 |
$ 4.85 |
$ 4.85 |
$ 4.85 |
$ 4.85 |
| |
|
|
|
|
|
| |
|
|
|
|
|
Undervalued by |
17% |
23% |
29% |
33% |
38% |
It sure will be nice to have some of the variables become actuals to minimize the need for continued speculation.
Milsy1
