$1 billion market cap-upgraded from spec buy, page-14

I agree, awg801.
The current SP seems to reflect a lot of doubt about the Tata project going ahead. At face value thats hard to understand given a number of public statements to the contrary:

- 28 May 2010, Kevin Bygate (Director of Business Development, Corus) unveils to Welsh Deputy First Minister Ieuan Wyn Jones plans to mass produce (creating 160 jobs) once the 3 year development phase is complete.
http://www.dailypost.co.uk/news/north-wales-news/2010/05/28/320-new-jobs-in-north-wales-with-corus-colors-and-upm-paper-mill-55578-26538789/

- 14 Oct 2010, Uday Chaturvedi (Chief Technology Officer, Tata Steel Europe) "Renewable energy represents a significant growth area for the company and one where Tata Steel can lead the industry.
http://www.walesonline.co.uk/news/wales-news/2010/10/14/swansea-university-and-tata-aim-to-develop-steel-solar-photovoltaic-panels-91466-27467518/

- 19 Oct 2010, Richard Caldwell (Chairman, Dyesol) "I expect in the next 6 months you'll see confirmation that Tata out of Mumbai has invested at least an additional 50M pounds for the scale up of the first major manufacturing line of roofing product in Europe."
http://www.brr.com.au/event/69856/snapshot?popup=true&wl=152

These are key players making some very specific statements. If the project wasn't going well I'd expect them to be less upbeat and unwilling to provide that level of detail. Moreover, their optimism seems to be shared by others who arguably know more about DYE's business than the average punter. In June 2010 'sophisticated investors' paid $1.00 each for their 12 million shares.

Of course theres always a chance Tata will change its mind, but realistically can it afford NOT to proceed with the project. Given the huge potential of DSC and the efficiency improvements in the pipeline (the CSIRO research partnership is already producing results), would Tata want to risk DYE successfully commercialising with one of its competitors?
http://www.abc.net.au/news/stories/2010/11/09/3060858.htm

So yes, there's a chance Tata will pass, but in my view all the evidence seems suggest this is the least likely outcome and that Austocks SP forecast of $1.50 by July is very achievable.
http://www.dyesol.com/index.php?element=Austock+-+100721.pdf

Regardless, you could argue the current SP is good value based on the Pilkington project alone. Lessons learned from the Tata project and DYEs significant experience with glass might lead to mass production of DSC glass sooner than we think.