Re KDR Trades, page-15

Think its fully valued for now. Market cap for 50% of 1 project is $576M AUD. Add in debt required and other extra costs is $540M AUD for their share.

EV = debt+equity = $1.1BN AUD which is close to the NPV USD $1.1BN provided(which assumes flat pricing of around $15K and no declines in price)

Remember they have to pay back the debt first, in order to pay a dividend.

Theres a wall of lithium spod supply coming post 2020(PLS, AJM and GXY, and others).