The report is for NVNXF, published from Chicago, and from a...

The report is for NVNXF, published from Chicago, and from a Canadian analyst. Unclear.
From pg11.
"We therefore think the current share price level does not reflect the fundamental value of the company’s
prospects. As the company continues to advance its strategy, we would anticipate multiple and share
price expansion. We believe that it is difficult to compare NVX to other publicly traded companies,
reflecting NVX’s singular position and likely faster growth following completion of the plant expansion.
Given the early stage in the company’s transition, it is also difficult to value the shares based on
traditional valuation methods such as P/E.
We believe the NPV of the potential Phase 2 revenue stream could range from about $2.68 to $6.09 per
share, depending on the average price per ton of the material. If NVX can execute its strategy
successfully, we would expect the shares to begin to reflect the value of the Phase 2 and then Phase 3
revenue streams. At the higher end of the near-term range, we believe the analysis suggests a valuation
of about $6.00 per share. We believe other potential milestones – such as commercial orders from
Samsung or Sanyo, for example – imply upside to the near-term valuation. Longer term, we would expect
the company’s valuation to continue to rise as the plant reaches the Phase 3 production capacity level."