I think you touched on this previously, and whilst I disagree,...

I think you touched on this previously, and whilst I disagree, it is clear that lack of faith in management to deliver on their growth projects in a timely manner is widespread. This explains a large part of the decline relative to peers.

The risk of operating in Argentina, and uncertainty with permitting for future brine expansion relative to asset potential can also be a reason.

If you’re discounting growth potential and only valuing this on expected PE then I don’t think seeing valuations of AU$4-5 per share is out of the question.