tool to estimate the value of FBR, page-8

I guess you have a few too optimistic assumptions.

1. They won't get the same revenue per m2 in countries like mexico and Saudi Arabia like in Australia.

2. The market potential is much lower than fbr suggests. For example in Europe a lot of house a build by families and friends, fbr won't beat free labour. Also FBR always always talks about " low-rise houses" that also includes Wood Houses etc. So there is 0 Chance that the company will come close to these numbers, especially if you think of 3d printing and pre fabrication. That will also heavily impact the multiple FBR will be traded at, once the buissnes starts.

3. I guess you have forgotten the running costs of the Hadrians.


I think the mst calculation is more realistic. between 0.8 and 1.3 free cashflow per hadrian and normal multiple because nobody has the capability to produce 100s of them per year.