I think you need to read the first sentence of my first post...

I think you need to read the first sentence of my first post "I'm going through presentations and analyst reports trying to get a rough sense for valuation. "

I am not building an argument that COB is overvalued. I am genuinely trying to understand its valuation.

Against future EBITDA, it might be fairly valued. I am asking for help - not making a statement that it is overvalued - to do some quick proof of concept valuation to prove it has value.

Against wholesale value of the commodity, yes the entire space was undervalued for most of 2017 and then caught fire and became overvalued dramatically in the last two months of 2017. But that's just one way of setting a floor price on a commodity stock. It's not the kind of valuation I was trying to get out of this thread.