PPK Valuation Perspectives, page-8

Thanks for your work and starting this thread. Really appreciate it as I have struggled to value PPK myself.

I have a few thoughts though do appreciate you're coming from a conservative, value perspective.

1) I'd expect the beginnings of an exponential growth curve for BNNT within the 10 years. Not next year but as they have started producing, more companies can start R&D, and I'd say Li-S is early... still several years before commercial production so other use cases may also be 3-5 years away.

2) one reason I like PPK beside the BNNT cash machine, is their diversified holdings. each of these is likely to (like Li-S) be valued on growth metrics so there is good upside from their portfolio. I won't pretend to know which ones will take-off or flop. But I'd hope several become globally successful and continues to grow the BNNT demand and market.

3) Their margins can/will come down as they scale. We saw significant improvements in the last 4 months. They could also realise better supplier terms. They also could have decent pricing power, if they can be the dominant BNNT supplier.