2017 EPS allow for deeper losses, financed by new equity issues. Dilution should stabilize from 2018-H2 onwards.

The 2017 earnings recognize additional losses that can be seen as investments as Europlasma has delivered on its complex power generation projects.

The NAV allows for the extra funding costs, i.e. new shares and the refinancing of a convertible due by late 2018.

The DCF is mainly a best effort type projection on the cash generation from new power plants that still need to be financed.

The level of minority interests in the next round of funding is still an open subject (please read report), meaning that DCF-based valuations are fragile.

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