Valuation Potential, page-6

Yeah i was going through the annual report to try and work out the numbers but given R & D refunds and certain other accounting procedures I found it easier to use crude EBIT of $3 per kg which is the companies guidance. I calculated from 3000 tonnes onwards as 1500 tonnes (which company says is operationally cashflow positive) would include majority of fixed costs.

The P/E on Etrade says about 4 as well, they are not taking into account R & D refunds.....