GR 2016-2018). Valuation Method Bait Case No Mangan Expansion Bear Case 1)Ci 552.44 $29.48 523.70 Sum-ot.the parts 545.32 $32.72 $23.92 !Moe Target $48.88 $31.10 $2321 Upside 116.5% 37.714 5.01 MultIOles (f) Market Price 522.58) EV to ESRDA 2016 1LOS, 8.51. S51.. EV to E1MDA 2017 62