Ann: Appendix 4C - quarterly, page-13

now i understand your approach i dont fault any of the points made
but in terms of valuation, the market cap is basically $600m. its still early stage volumes. How much profit can they make out of this. How many cars can be adopted realistically, given the cost structure of manufacturing carbon wheels vs aluminium.

High volumes arent necessarily going to give them profits as the prices will have to fall to ensure market adoption. Theres no clear business plan here. are they chasing low volume/race track cars. If so, they wont make any money as the volume/margins isnt enough.

If they are chasing high volume, the prices will fall. they havent given a clear indication of their margins here either.