1. The post you are replying to does deduct interest before...

1. The post you are replying to does deduct interest before tax.

2. My table also includes a variety of LCE price assumptions, not just spot - in fact, I include everything from the absolute bears (Goldman Sachs at US$10k/t) to the absolute bulls (Galan at US$28k/t) to show a fair range. The only price assumption I could find above Galan was LKE at US$33k/t and I'm not sure anyone is taking that seriously...

3. I see you have arrived at a P/E of 10... for a small, single-asset producer in Argentina who, assuming they get the finance, will be carrying debt greater than their current market cap. Of all the things one could pick apart in anybody's valuation, a P/E figure is probably the one that should get by far the most scrutiny, but almost never does. Pick a P/E high enough and you're guaranteed to get a lot of positive reactions to your post

4. There's a lot of focus on depreciation, but this does not change the EV/EBITDA multiple which is the main point of the calcuations.