Is it possible that the reason Apha is valued at $430m and FYI...

Is it possible that the reason Apha is valued at $430m and FYI is valued at 1/3 of that ($130m) is because Alpha did not give away almost 2/3 of their project ownership to another company? Instead they leverage state/federal debt facilities and equity raise to build their plant and that way they can keep most of their equity.

I still can't believe the management agreed to the terms of this "Joint Venture" with Alcoa. I would definitely get out from this agreement ASAP or renegotiate the terms because it's pretty much a one sided agremeent.