Ann: Vijay Group JV Update , page-10

Don't agree with Clacoste.

If NSL can deliver 1.5m tons of production and earn itself nearly 6cps in earnings in two years (from nothing), then 10 times is not only reasonable, it is conservative.

I'm not saying that the company has earned a 10 times PE multiple yet, but with that type of growth (yes, IF they do it Joe, and yes they have in the past promised the world and delivered an atlas) a strong growth multiple will be well earned.