I see this more as a fun thread and a guessing game and not as a...

I see this more as a fun thread and a guessing game and not as a calculation contest. But sure I can explain my guess of a SP of $22 at the end of 2026:

You use a SC6 price of US$4000 in your calculation and this is already the answer: I would not use a SC6 price that is lower than today‘s price. I expect the supply deficit to fully kick in and to be noticed by the markets by then. That is why I guess that the LTR SC6 (which contains less contaminants than the rest of the market) will sell above last years high of app. US$ 8500. Without any further reason I assumed US$10‘000 per tonne and this brings me to roughly A$ 2.28 FCF per share.
A PE of 6 does not seem reasonable to me for LTR at the end of 2026. PLS current PE may be based on the fear that the current lithium market may just be another bubble and crash again. I do not share this fear and using a reasonable PE of 10 results in a SP of $22.

But as I said: This is just guessing and I would not base any investment decision on it (and neither should anybody else…).

Cheers, Hi27