PPK Valuation Perspectives, page-11

Haven't looked at your analysis in any detail, but a couple of obvious points:

1. The BNNT is sold by BNNTTL not PPK. PPK is a 50 or 51% shareholder in BNNTTL.
2. The COGS you have is only $10/kg
3. BNNTTL has to pay Deakin a certain amount to support research etc based on the amount of BNNT sold and that needs to be factored in. The details will be somewhere in the annual report.
4. The US$400k/kg is for only small amounts of BNNT sold. The effective price will be quote a bit lower and maybe only use $300k/kg.
Pricing is here
5. LIS is not expecting to earn any revenue in at least the first 12 months and probably 24 months.
6. PPK has no interest expense at the moment.
7. Shares on issue are over 89m.
8. We are already in FY22.
9. There is no way that BNNT sales will be anywhere near 400kg for some time (years) yet.

It's really not possible to do any valuations with the information available, however EGP Capital has had a go with some extreme assumptions
https://egpcapital.com.au/wp-content/uploads/2021/04/2021_03.pdf.