With 32M in revenue ttm this traded roughly 5.50-7.50 (avg 6.50)in a depressed market last year. They are estimating an additional 80M revenue royalty at full steam.
So without including the 20M ,about 22 pps (20-24)sounds like what the worst market since the depression deems it worth at full capacity. Would think it's much higher in a better market.
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