Ann: Business Update, page-28

Hi Oligarch

20,000t pa production equating to 60m revenue, 50% Margin, $30M Gross Profit. x 23.3 = $700M MC I don't see how that's an unjustified MC.

That would be a semi reasonable MC for a company with only medium growth expectations. This company has enormous growth expectations. So much so that, even though we can now begin to use PEs to value PET (as apposed to only 1 year ago), in reality it is still almost entirely a speculative play on future growth.