PLS SP value, page-8

I'm not quite sure what you are asking/suggesting, but I haven't included any capex, suffice to say that there is more than sufficient free cashflow to fund expansion and other growth initiatives. Remember, I am only looking forward 12 months, as stated.

There are so many variables, say, free cashflow likely sufficient to pay for said growth initiative as well as extinguishing debt in September 2022. That being the case, the company would likely establish a new and larger debt facility, to assist with 2023/24 plans, Calix, etc, all going well.

Note there will be meaningful new supply come on line by 2023 (from 2022 start-ups), and while demand will soak it all up, the market wont be as tight as it is now, or as it will be for the next 12 months, so I believe pricing will start to soften in 2023 through 2026, then rebound / increase thereon to end of decade. However, the company is in a very commanding "first mover" position, as super sized profits derived in the next 18 to 24 months will allow the company to fund current and medium term (2 year) growth initiatives (i.e. POSCO JV, expanding Pilgan spod production to 480kt, CALIX, etc), in that, they will have developed and be ramping up "existing" and "new" product lines, while the newcomers will probably be reaching commercial production status of their "first" product lines (say spod) and more than likely, ironing out the kinks in their plants, all in a softer pricing environment.

That first mover advantage will see the company enjoy greater overall margin from mix of spod, mid and downstream product lines, continuing to allow the company to forge ahead to 1 mill tonnes of spod production and as a result, expansion of mid and downstream product lines in preparation for the real supply gap from 2026 onwards.

Not Advice, AIMO, DYOR