Where is the new SP, page-35

What MT said



Now I wondered what he meant by that and why specifically choose QS & Sila as the references.

1. First ... I disagree with @pabs interpretation as to the "I'm worth more" quip... & that's not really a surprise it of itself .... In the "valued added" chain the end product maker should have the highest valuation. Thus TLG worth more than just a graphite miner but less than a battery cell maker.

2. The reference to "adjacent markets" wrt silicon anode and solid state to me is clearly defensive posturing with the statement that TLG owns products across these verticals (noting that neither QS or Sila require graphite anode materials but they have the highest valuations in that space) and that space does not exclude graphite (e.g. TSLA's use of graphite in Silicon anode batteries).

3. Does MT want to be a battery cell maker I wonder? (i.e. combine with either an existing battery maker or maybe an OEM contributes their battery talent into a JV company?)


What's changed since the CR other than share price?
Even with tightening the DCF model (to keep it more in line with what I used for PLL)
I've spared y'all the details this time



Seems like good buying to me (but what would I know)