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63.25p now, Broker's extremely conservative NPV today is 220p!

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paulmastersonian   Monday, 11/29/10 08:37:00 AM
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63.25p now, Broker's extremely conservative NPV today is 220p!

"Exhibit 5 summarises the DCF valuations of the three value contributing markets (UCG, Chlor-alkali and SCG) shown in Exhibits 1, 2 and 3 respectively. The results aggregate to a NPV of £381m, corresponding with a fair value share price of £2.20."

"within the three markets deemed developed enough to contribute, there are a raft of conservative assumptions some of which are extremely punitive. The largest underestimate is the assumption that both UCG and SCG will just stop once 4.2GW is operational. If either get to 4.2GW operational, then the fuel cell solution will clearly have been proven to work both economically and environmentally and roll-out will therefore in reality be just beginning. The assumptions that there will be zero revenue from both maintenance and green incentives are also both very cautious."

http://www.afcenergy.com/wp-content/uploads/AFC-Energy-plc-AFC-L-Allenby-Capital-29-November-2010.pdf

http://www.advfn.com/p.php?pid=qkquote&btn=&epic=afc&symbol=



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