Jun. 16 at 3:50 PM
$IPX The market is pricing in the bear case for IPX's ability to finance Titan/growth. It's basically saying that the company will need to fund project capex with 60%+ equity financing. My base case is that the company can get it done at ~40% equity and a combination of debt and other non-dilutive sources (govt). My base case leads to a
$115+ share price, and any scenario where the dilutive financing is less than 30% shifts to the bull case (approx
$200/share). As the financing story becomes clearer, this will rerate.
