https://www.theleader.com.au/story/6...rks-completed/
Kurnell refinery was about the same size as Marsden point and cost 200m AUD to decommission and convert to an import terminal.
NZR Mkt cap is down to $190Mil, debt is $250Mil.
Infrastructure assets are on the books for:
Refinery to Airport pipeline = $105Mil
Jetty and buildings = $94.3Mil
Freehold land = $26.8Mil
Catalysts = $35Mil
Oil, cash and receivables of $163Mil
and the elephant of $790Mil of refinery kit.
Not much of a puff left in it but I am still modestly adding to my holdings on the belief that the essential infrastructure underlying the business is at a discount, the strategy of hauling back on production, trying to keep oil company shareholders happyish, continue to be cashflow neutral and avoiding decommissioning means that post-covid significant value could be released.
I am only happy to support a business dying in the gutter if it has the ability to produce significant free cashflow and has quality underlying assets. Less debt would be nice but cant be too fussy when feeding in unloved parts of the market. NZR fits well with my portfolio of deeply unloved stocks that everyone has given up on.