Relative value is the important yard stick, page-4

In the spirit of discussion ...

We have to of course realise that the PLS market cap is already on the way down. That would be pretty normal at their stage of development - for it to come off its highs.

But, on top of that, is PLS now worth less simply because KDR exists? How much will that reduce the PLS market cap?

So if we are looking to match their cap, then maybe we need to be thinking of a cap less than what they are currently? Say, maybe $400m?