AC Choksi Share Brokers Private Limited
AC Choksi Share Brokers Private Limited
AC Choksi Share Brokers Private Limited
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A C <strong>Choksi</strong><strong>Share</strong> <strong>Brokers</strong> <strong>Private</strong> <strong>Limited</strong>A C <strong>Choksi</strong> Institutional Research |Initiation Report|MINING MOILApril 26, 2011Sensitivity AnalysisExhibit 70 -Sensitivity Analysis: EV/EBITDA & Mn Ore RealisationsEV/EBITDA Multiple(x)4.00 4.50 5.00 5.50 6.00 7.009,600 328 352 375 399 422 469FY 12 E 10,200 347 372 398 423 449 500Mn Ore 10,800 365 393 420 448 475 530Realisations 11,400 383 413 442 472 502 561( `/Tonne) 12,000 402 433 465 496 528 59112,600 420 454 487 521 554 621Exhibit 71 -Sensitivity Analysis: EV/EBITDA & Mn Ore SalesEV/EBITDA Multiple(x)4.00 4.50 5.00 5.50 6.00 7.001,140,000 354 380 407 433 459 5121,150,000 357 383 410 437 463 516FY 12 E 1,160,000 360 386 413 440 467 5211,170,000 362 389 417 444 471 525Mn Ore 1,180,000 365 393 420 448 475 530Sales 1,190,000 368 396 423 451 479 535(Tonne) 1,200,000 371 399 427 455 483 5391,210,000 373 402 430 459 487 544Source: A C <strong>Choksi</strong> Institutional Research_____________________________________________________________________________________A C <strong>Choksi</strong> Institutional Researchresearch@acchoksi.com 45
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