not expecting much from the qtrly, page-6

would you still use a quarterly to value the stock if they had a site selected in the US and commenced construction? I think the quarterly is a totally inappropriate way to measure the value of this business. It measures the value of the Australian arm alone, this won't be a significant part of the business in years to come.

All it does is give indications of the profitability of the model as further sites are rolled out

e.g. 200,000 - 250,000 tpa plant in USA

I think your way of valuing is appropriate for a mature business which is not in a growth phase.