Significantly undervalued, CY20e EV/EBITDA of 1.2x, page-47

While I appreciate the references to SBM, and the constant mention of $5.00 per share (would be amazing!)

Lets compare Market Cap to Market Cap.
SBM: $2,631M at $5.00 per share 
A40: $221M at $0.165 per share
numbers are approximate.

This puts SBM's Market Cap at 11.9 times that of A40.

If A40 were to match the Market Capital of SBM it would be a price of about $1.96 (11.9 * 0.165).

$1.96 would be great! But it isn't $5.

How does this compare to other peers Market Cap?

1		Stock	Current Market Cap (AUD$mill), time of posting	Multiples of A40 at AUD1mil
2	MIN	$2,913	13.2
3	PLS	$1,168	5.3
4	GXY	$802	3.6
5	ORE	$842	3.8
6	KDR	$524	2.4
7	AJM	$263	1.2
8	AVZ	$92	0.4
9	BGS	$42	0.2
10	4CE	$4	0.0

Looking at PLS, KDR, GXY etc it seems that todays Lithium market I suggest we should be at about the $800M to $1B Market Cap, once the startup concerns have been cleared. This is lower than the $2.6B of SBM. $1B Market Cap gives A40 a price of about AUD$0.74

However, the whole Lithium sector is down at the moment, possibly to about half of where it was in January 2018.
This means that maybe a future Market Cap of $2B could be possible, maybe even $4B could happen when the Lithium market starts to pick up speed.

So, today, I don't believe $5 is possible, but when the Fines circuit is up and running, and we've got DMS2 running, and a 20 year mine life, with average sales above USD$750 per tonne, and the Lithium market starting to grow to the Demand story that we keep hearing, then maybe $4 could be possible for A40. $5 would still be a stretch without some serious growth and expansion from the company (this could happen).

I'll still be holding from now for at least a couple of years, hopefully for a few years of dividends, hopefully I get to see A40 around the $2 to $4 price.

All IMO, DYOR, etc.