Tronox Inc. (TROX)

[ofirm]

Try the following:
If we assume $1.25BN of ev in exit - $468M liabilities =
$782M equity.
if you assume $70M net income and $175M cashflow you arrive at
the following: company does $147M cash after $29M / year of
interest (6% of $468M) and at ev of $1.4BN you are talking at
arket cap of $932M with fcf of $147M in year 1 with growth for
at least 3 years (untill more plants could maybe start coming
online). if the dollar will continue to go down and the demand
will come from foreign manufacturing and export to them from the
U.S than fcf will be higher.
the valuation is compelling for both $1.4BN and $1.5BN.
some will try to argue that the valuation is rich, but it is
better and more conservative than most other chemical companies
who are publicly held and have all the env. liabilities and the
rest of the famous "off balance sheet" obligations which end up
coming as a surprise more ofter than not in them.
Above was the long case. this is the rational and it is up to you
to decide if you like the chances or not.
Good luck whichever way you choose.