Issuing shares (at in this case PEx LTM of 1) gives a cost of equity of 100%. In other words, the projects financed needs to result in an EPS growth of 100% in perpetuity (forever).
Historically and forward looking we estimate an EPS growth of 50% --> current equity issuance is "dilutive".
If someone can credibly argue that this assumption / calculation is wrong, i am very happy to hear from you.
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