Sino Agro Food Inc (fka SIAF)

[Clayton van Brimmer]

Nice!

I understand you are focusing mainly on project risks here, leaving company risk and market risk discounting down to the choice of the reader.

As for inspiration, I know of a Fortune-100 that used a 18% project CF discount factor for Argentina a couple of years ago. Keeping in mind that the global WACC of that company was very low in comparison (cheap debt and low volatility), I would be tempted to use a discount factor somewhere between 20-30% for SIAF considering various factors (China, corporate governance, limited access to financing, trading on a crappy list etc), when trying to work the final share price impact of this project.