Euroz Hartleys set 86c target price, page-2

In my opinion the $0.86 price target incorporates a very conservative de-rating to production throughput as demand deficit for HPA is expected to be 10-30k tonne/year after 2021, and their proof of concept positions them well to capitalise this demand over less developed competitors. Someone correct me if I'm wrong but I believe they are the first and only HPA producer in Australia to produce a commercially viable glass bule, which suggests to me they can potentially starve other HPA companies from LED/glass market offtakes. This means they can be well positioned as a commercial producer with a track record when the demand of HPA for li-ion battery applications increase. Confidence is also high regarding reagent suppy agreement with Orica, which I don't think has been priced in at all.