My take......This company has lots of assets but it will need time and $$$ to mine those assets.
With only little cash compared to debts, it might need to issue more shares (like those to Genting) which will dilute existing shareholders or sell off certain assets.
One thing I like is the Carmichael Royalty(page 4 of corporate presentation) which meant they would be able to receive A$2/t of coal produced indexed to CPI for the 1st 20 years.
If Adani could produced stated goal of 60Mtp then company would received A$120m. (page 33). First production expected in 2017. So from now up to 2017, one needs to gauge the number of shares issued.....if they keep on issuing shares or convertible bonds to raise cash, then the income from royalty will not be significant per share basis. Will also need to monitor if their other assets become cashflow positive.....
GENTING EXERCISES CALL OPTION TO ACQUIRE A FURTHER 10,750,000 LINC ENERGY SHARES
http://infopub.sgx.com/FileOpen/Linc_En ... eID=301093
CORPORATE PRESENTATION JUNE 2014
http://infopub.sgx.com/FileOpen/Linc_En ... eID=299864
Third Quarter Results
http://infopub.sgx.com/FileOpen/Linc_En ... eID=297336