RE: Sales11 Sep 2025 20:02
It really depends on the strength of the MRE and then the result of each stage after that. Each stage brings greater clarity and less risk that add up into more precise numbers.
A quick ai summary:
MRE stage (pre-economics):
Premium-driven deals, valued £0.5–0.9bn EV (~72–130p/share).
Scoping/PEA (0.15–0.30× NPV):
• NPV $1.5bn → £0.17–0.35bn (25–50p/share)
• NPV $3.0bn → £0.35–0.69bn (50–100p/share)
• NPV $5.0bn → £0.58–1.15bn (84–167p/share)
PFS (0.25–0.45× NPV):
• $1.5bn → £0.29–0.52bn (42–75p/share)
• $3.0bn → £0.58–1.04bn (84–150p/share)
• $5.0bn → £0.96–1.73bn (139–251p/share)
DFS (0.35–0.60× NPV):
• $1.5bn → £0.40–0.69bn (59–100p/share)
• $3.0bn → £0.81–1.39bn (117–201p/share)
• $5.0bn → £1.35–2.31bn (195–334p/share)