Your numbers look pretty much similar to what I have. Some thoughts:
- Stage 2 should be up and running in Q3 CY20 (13 - 16 months)
- At that point the POSCO plant is due to produce early 2021 (a further 6 months)
- At a conservative 10x PE, you have potentially ~100% upside in just over a year, and with the JV ~200% or more within ~18 months
- There is precedent for PE to be in the 15-20x range depending on numerous factors such as general Li sentiment, Li price, the downstream profitability etc etc.
In the world of multibaggers 100% increase per year might not seem very sexy, but I for one would be happy to double the value of my portfolio year on year so I will be here until at least 2021!
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