Novonix Research Report Feb 2024, page-9

that evaluation was pretty interesting. they included risk, cost of debt, and rather low PE to get their estimate. I look at it as 20ktpa at $2k profit/ton (from novonix' report) is $40 mil profit. divide by # shares and multiply by a PE of 15 (typical) then the year they sell 20k stock could be about $1.30/ share. when they sell 100ktpa then around $6/share. 150ktpa = $15/share. this doesn't include Saudi component or cathode division. So in my head, by 2030 it could be $15/ share. if the hype train hits it agin then nobody knows. not too many available stocks in this space.