ZEN reports after-Tax Cash Flows us$100M per year for 22 years (Capex us$411,465,000)
ZEN reports this NPV us $438M discounted at 10%, and a IRR 24%, imo ????
In the following sample, NPV is actually us$553M for 10% discount and IRR is 26.6% (cad 81.81 today = cad NPV c$676M /61m f/d shares = c$11.08)
|
2017
|
-411,465,000
|
|
-411,465,000
|
|
|
2018
|
Year 1
|
110,000,000
|
-311,465,000
|
110,000,000
|
|
2019
|
2
|
110,000,000
|
-220,555,900
|
90,909,100
|
|
2020
|
3
|
110,000,000
|
-137,911,200
|
82,644,700
|
|
2021
|
4
|
110,000,000
|
-62,779,800
|
75,131,400
|
|
2022
|
5
|
110,000,000
|
5,521,545
|
68,301,345
|
|
2023
|
6
|
110,000,000
|
67,613,677
|
62,092,132
|
|
2024
|
7
|
110,000,000
|
124,061,070
|
56,447,393
|
|
2025
|
8
|
110,000,000
|
175,376,880
|
51,315,810
|
|
2026
|
9
|
110,000,000
|
222,027,620
|
46,650,740
|
|
2027
|
10
|
110,000,000
|
264,437,380
|
42,409,760
|
|
2028
|
11
|
110,000,000
|
302,991,710
|
38,554,330
|
|
2029
|
12
|
110,000,000
|
338,041,100
|
35,049,390
|
|
2030
|
13
|
110,000,000
|
369,904,180
|
31,863,080
|
|
2031
|
14
|
110,000,000
|
398,870,620
|
28,966,440
|
|
2032
|
15
|
110,000,000
|
425,203,740
|
26,333,120
|
|
2033
|
16
|
110,000,000
|
449,142,950
|
23,939,210
|
|
2034
|
17
|
110,000,000
|
470,905,860
|
21,762,910
|
|
2035
|
18
|
110,000,000
|
490,690,330
|
19,784,470
|
|
2036
|
19
|
110,000,000
|
508,676,210
|
17,985,880
|
|
2037
|
20
|
110,000,000
|
525,027,000
|
16,350,790
|
|
2038
|
21
|
110,000,000
|
539,891,370
|
14,864,370
|
|
2039
|
22
|
110,000,000
|
553,404,420
|
13,513,050
|
|
Date
|
Year 1
|
Net Margin
|
NPV
|
Discounted
|
| |
|
Cash Flows
|
|
Cash Flows
|
I also consider the “Discount Rate” high (10yr Bond Rate us2.4% + 3% risk premium) so 10% is high in current economic climate and will definitely be lowered to 6% by the first year mining (BFS).
Our same NPV at 10% of us$553M = NPV at 8% us$710,616,800, or NPV at 6% us$913,108,980
------------------------------------------------------------------------------
ZEN reported pre-Tax NPV at us $614.7M ???
Pre-Tax NPV us$1.021B at 10%, IRR 39.7% (Net Rev $5454 x 30 ktpa = us$163.62M over 22 years)
http://www.business-analysis-made-easy.com/NPV-Calculator.html
Cheers, Mark (sent to ZEN)
