Some good points there wipeoff, but haven't you got those numbers a bit mixed up? FMS at 4.5bil is about a quarter of 17.56bil, not 1.4bil more than?
In any case unlikely FMS could ever gorw this large but if producing at say 25MTPA I would give it a ball park EV of around 1.5 to 3 billion depending on debt levels. Although this woudl result in a SP of up to $2.00, dilution from share issue, if that were to be used for funding, could well halve that number or worse.
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