Pitt St research ...new Valuation of 20c., page-3

Nice find, I've dove into a few of their histories to assess the accuracy and reliability of pittstreets predictions, here's what I got;
This (Pitt Street LPI Evaluation Report 24/06/20) was released in June 24th/2020, they evaluated in 1-2 years the company would be worth 72¢ - 83¢ and in march 2022 LPI hit 91¢

As you can see a dip followed, of course there are multiple reason this could have happened and some of the risks they have listed in the full evaluation could have and inevitably did come true (Pitt Street LPI Evaluation Report 24/06/20).

But my point is, I followed this same simple research pattern for 5 or 6 other companies including the ones you mentioned and their predictions were fairly accurate - for when their predictions were not - the reasoning in LPI's case was due to one of their risk assesments coming true as the company failed in some areas combined with environmental factors applying - I haven't cross referenced the other two that failed yet, but there's a good chance the same rules will apply.

Also I followed the research you mentioned on this link; (McKinsey Future of Quantum) and I have noticed that BLG's research n dev growth is much higher than their two key competitors (Nichia + Osram) listed in Pitt Street's latest report; (Pitt Street BluGlass Evaluation Report 20/07/23)
They also have an edge on Osram as they are pouring more resources into their GaN tech compared to Osram who offer the technology, but don't specifically specialise in it, Nichia however have a whole department dedicated to their laser diode research which I looked into here; (Nichia Laser / LED Site Index) And although they may pose a threat, BluGlass seem to be making strides in comparison to Nichia's crawl.

Summary;
A) Pittstreet research appear to be a fairly reliable source with a roughly 3/4 accuracy short term if you take into account they do state the risks involved and potential environmental factors may alter the accuracy of their evaluations.
B) They have very little competition and the competition they do have are currently not on the same level of growth or potential capacity that BluGlass are.
Verdict; Buy > Long Term Hold

(Bought at 4.3¢)