Buddy I think it is you who is wrong. Work from the bottom up - its an EV calc working from a total company ABR valuation back to a Fort Cady only valuation.
There are many things to discuss in this report which I will do tomorrow in detail - for starter
Look at the CR price assumptions over the next 8 yrs ($1.50). The dilution should be lower as I would hope all CR’s over next 8yrs are not at $1.50
Look at the price sensitivity to commodity price graph. In other statements they are saying that SOP and BA prices are expected to rise at 6 to 7% PA. Work that into the share price over the next 8yrs based on the graph.(HUGE)
They have assumed a SOP sales price based on Chinese SOP and not Compass (Only other US). Compass SOP sells for 30% higher put that into the valuation for SOP which will be 38% of sales.