I still think there is upside, but not expecting a Disallowed...

I still think there is upside, but not expecting a Disallowed upon listing in the US. Everyone seems to look at Quantamscape market cap and think we can get there. But we aren't truly comparable to Quantamscape like we are with other battery companies like Freyr and Microvast.

A big reason for my tempered expectations is the dilution upon listing in the US, which I didn't take into account before.

Once IM3NY lists in the US, I think Magnis 63% share would get diluted down to about 30%.

If IM3NY can scale production to 15gwh, it should be getting about $1.5bn revenue ($100/kWh), and with 20% profit margin, thats $300m EBITDA.

To be conservative, let's give this growth company a15xPE, that's a $4.5bn valuation for IM3NY.If Magnis owns 30% of that, that will be $1.35bn USD or around $1.9bn AUD, which is 6x current market cap.

I think we can see a close to doubling of our share price upon listing in 2022, and around 6x increase by 2025, if they can pull off a 15gwh battery plant by then.