FBR Analysis, page-2

So based on my wild guesses and probably incorrect assumptions, with 5 x share dilution, 5% market share of the low rise construction sector and a 15 x price to free cash flow multiple, we would need to discount a price that is 38 x the value of todays price.

so based on my assumptions, even if fbr only achieved 1% market penetration, we may be looking at discounting a 7.6 x multiple on todays price.

additionally, fbrs plan is to finance Hadrian machines through waas equity partners. If this eventuates then eventual dilution may be less that 5 x in which, which would improve equity holder returns through less dilutions than the forecast.

I suspect that bkw have run a similar calculation. It all comes down to the assumptions you use and whether you agree with the assumptions made by fbr.

now you will all need to make your own assumptions. Do not rely on my assumptions or process or model which could be wrong so make your own decisions. Do your own research, etc etc….