It's fascinating to me that their valuation is done assuming we only construct 1 hazer facility outside the KBR deal. We had 50 projects in the pipeline in the presentation so the assumption is a 2% conversion rate. I'm not sure how far along those pipeline projects are, but you would have to assume some are well advanced. A 20% conversion rate on 50 is 10 hazer plants. Why did they choose 20% conversion on only 5? The impact reflects a couple of dollars in valuation.
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It's fascinating to me that their valuation is done assuming we...
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