Well above expectations. Fantastic outlook. $US EBITDA $234m (KDR share), translates to $AUD $330m (forex today). Should KDR trade in the future at an 8x EBITDA multiple, that's a $7 valuation. Should LhO price trade at current spot rates, above Rosskil forecast which was used, at an 8x EBITDA multIple, that's a $10 valuation. Should we see front page articles in the AFR in 2025 that the world is "running out of lithium"..........and institutional investors globally have to own lithium (career risk not to) and we see 12 times EBITDA multiple (ie PE 20x), you're talking $15. And that's before they announce once they start digging that there's a LOT more resources down there....
