Tronox Inc. (TROX)

[ofirm]

You are missing my point: you are confusing market cap with ev.
ev of $1.4BN is $950M market cap give or take, which devided
by 15000000 is $64 per share and for $1.5BN ev the stock needs
to be $70. at $70M net income the pe is 14 for 1.4 and is 15.5
for 1.5.
you can do the math for market cap/fcf and for ev/fcf based on
fcf of $147M (first year) and reach your conclusions about how
long it will take to be breakeven on each one of the tranches.
hope that helps.