novice calculation - you are right. But a simple tool for people...

novice calculation - you are right. But a simple tool for people to see at a glance whether the valuation of AZS if at par with similar companies or not.

Arguing with the location of the plant is baseless in this case. Does not matter if / where AZS is building a processing facility. But for comparison reasons you have to add the costs of such a facility. The comparison just shows that at the given market prices for Li the 3.70 $ offer is not far off the valuation of other Li companies, whether you like it or not. And the independent expert might get to the same conclusion.