I was thinking about this as well. From the phase 1 DFS, the...

I was thinking about this as well. From the phase 1 DFS, the projected EBITA in the first year of production (probably 2027) is USD 153M and the EPS is 12 cents. (0.19 AUD). After tax say 0.14 AUD. With a P/E ratio of 5 (conservative) expected price is AUD 0.7 IMO.

DYOR, this is the basis I generally use in my own analysis.
However, they have used LCE price as USD 19800 per ton, which I think is very conservative. Hopefully, we can expect a much higher price for LCE come 2027.
One can make their own assessments about SP in 2027. In the meantime market sentiment will determine the price in 2025, two years time. ATM the market is pricing the SP correctly. I will definitely buy more if I have the cash, as IMO this is a good project with lower risks than projects in Africa and South America.