As rusted on as i am, I think it is hard to make a strong case that the fair value share price is much above $0.026 if you parsimoniously consider only the cashflows of the India project R&D plant, in fact maybe a little lower. You need to factor in some sort of allocation for the contingent likelihood of the $300M commercial plant being built and also ECT being involved in the LV project in a substantial way to get any sorts of numbers in the $0.040 to $0.100 range.
Still, that's an easy 100% from here so the price should still be seen as very attractive.
GLTAH.
Ann: Shareholder Update, page-53
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