Nasdaq Listing and Fair Value

Inlight of the upcoming potential Nasdaq listing, I thought I would listen theStefs recent interview with from the Ghostmail Ghost Stories segment, linkbelow

GhostStories #6: Say Hello to Helium (Stefano Marani, CEO of Renergen) - Ghost Mail

Apartfrom being an excellent interview, there was one segment that really got myattention from the 41:20 minute mark

1.The DFC has somesay in where the Helium goes

2.The CEF (CentralEnergy Fund) are still working through their processes for a 10% stake atapproximately AUD $6.50/ share

3.Lowest EBITDAtransition company listed on Nasdaq was at a 3.8 times forward EBITDA multiple.At current prices, Renergen`s EBITDA is at 0.4 times forward multiple. Thatwould be a fraction of the lowest IPO undertaken in a terrible year..

4.There are other multipleSth African companies have also taken a similar path to a Nasdaq listing in thealternative energy space with incredible forward EBITDA multiples, Stefmentioned one with a 27 Forward EBITDA multiple (with similar LNG output, minusthe Helium) , we are currently trading at 0.4 Forward EBITDA multiple

Asa result of the above, I thought I would research other Alternative FuelsEnergy Companies that are duel listed on both the JSE and the Nasdaq.

Istumbled across a company called Montauk, which I feel may be the companyreferenced during Stefs most recent interview.

Company | Montauk Renewables(montaukenergy.com)

“Teaming with landfill owners to produce renewable energy from landfill methane for more than 30 years

Aquick comparison of both companies provides details as below:

	Resource	Renergen	Montauk
1	LNG (GJ)	34,400 GJ	34,000 GJ
2	Helium (tonnes per day)	Yes	No
3	Primary Exchange	JSE	Nasdaq
4	EBITDA (USD)	USD $330 Million	USD $27.40 Million
5	Market Cap (USD)	$164.29 Million	$1.45 Bn

All Montauk financialsavailable from link below

MNTK10.08 -0.2 -1.95% : Montauk Renewables Inc - MSN Money
So my question is, assuming Renergen lists on the Nasdaq, what would be a fair and comparative Market Cap when compared to Montauk…it has to be multiples of current SP/ Market Cap..