Ann: Battery Conference Presentation - March 2019, page-109

Good result IMO, only $10m to get it up to scratch, could have been much worse. Thats a lot more than the initial estimate of $500k but so be it.

So $70m valuation after $10m is spent. Thats based on a slight discount to the calculated NPV of $108m based on the income and cashflow model provided by Winmar themselves.

The bad news? 50% of $70m or $108m is less than the current market cap by a long way. Granted, this is what some have been trying to say for a long time. Now you have it from the company itself.