The PRV is still a focus of the company, but for a shareholder it has become less important to the overall value of the company. Put simply a US$100 million outcome doesn’t move the needle of the SP like it did when it was sub-20c.
In my opinion the valuation of RAC is really a function of a moonshot on Pillar 1 with a very solid floor provided by Pillars 2 and 3. The key to valuing RAC revolves around the probability of Pillar 1 succeeding. If you can estimate that number then pretty much nothing else matters.
MST valuation of RAC, page-49
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