Is FBR a worthy investment?, page-10

Nice analysis mate, but I would raise a point on one of your assumptions. 100k pure profit seems very very low. 
Remember there is no real competition for this at the moment, and will not be valued on a cost + margin basis; rather, at an amount that gives an acceptable IRR to the customer. This allows plenty of space for margin.

I have experience involving valuation of similar machinery, and conservatively estimate 1 machine, when manufactured at scale, will cost $500k - $1m to produce. Could be cheaper given the scale CAT can achieve, and sunk costs if they can do it with existing equipment. FBR analysis has given this a sale price of $2m (USD).

So I think you need to increase that 100k by at least a factor of 10. Especially if you are calling it "best case"