ASP Isotopes to possibly acquire Renergen, page-106

From that Jacob Rowe research note

"This is what the valuation is today, and in three years it could be a much much higher valuation depending on how the team executes on both QLE and ASPI we could see valuations go well above $8b with each entity having possibly valuations of $3b+ (QLE) and $5b+ (ASPI)."

So this guy is talking US8b valuation v US500m today before the Renergen deal is added to ASPI ?

Renergen alone at US300m ebitda per year with a x 20 multiple could be worth US6b by itself also I guess. Or higher longer term if ebitda outperforms to US500m + for instance.