Hey mate, I think you've been a little optimistic with EPS, and have been too conservative with your P/E ratio. Based on current spot prices and AGY's 77.5% share of the 2 ktpa operation, I've got AGY's EPS at around 2.6 cents. Livent and Allkem each have P/E ratios of around 12.
Therefore, my take is that the current fair value for the 2 ktpa operation is about 31 cents per share.
