P/E ratios also factor in future earnings. As we are talking about the SP when the plant is up and running, the market will factor in future earnings from a fast tracked second plant.
The barrier to market entry is high as we are experiencing. First mover status may enable Altech to become a dominant player in HPA production and easily justify a P/E of 20 in 3 years time.
Also some may not be aware, but Alech has very generous tax concessions in Malaysia.
Very little or no tax for the first few years production according to Iggy in an Interview he did a couple of months back.
I couldn't find the $56m npat calculation to see if that was factored in or not. I expect not.
Equity financing cases, page-24
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