BMO Capital Markets Investment Banking Pitch Book
BMO Capital Markets
TRQ Management Model NAVPS Buildup
NAVPS Based on Management Model (Resource Case) at Street Consensus Pricing
Oyu Tolgoi Net Asset Value Build
Oyu Tolgoi NPV of Unlevered Free Cash Flows (100%)
Less: Net Debt at Oyu Tolgoi (100%)
Less: Shareholder Loans Payable (100%)
Oyu Tolgoi Net Asset Value (100%)
TRQ's Ownership Stake in Oyu Tolgoi (66%)
TRQ Net Asset Value Build
Add: Shareholder Loans Receivable
Add: TRQ Management Fees Receivable
Add: TRQ Balance Sheet Adjustments
Less: TRQ G&A
TRQ Not Asset Value
Shares Outstanding
NAVPS
NAVPS
Source: Company Fings, FactSet, street research, Turquoise Hill Internal Model at street consensus pricing
(US$ mm)
(US$ mm)
(US$ mm)
(US$ mm)
(US$ mm)
(US$ mm)
(US$ mm)
(US$ mm)
(US$ mm)
(US$ mm)
(mm)
(US$/sh)
(C$/sh)
$12,941
($4,178)
($8,600)
$164
$108
$8,600
$426
$455
($294)
$9,295
201.2
$46.19
$60.49
Unfinanced
NAVPS
APPENDIX
PROJECT ASTERIXView entire presentation