Chart, page-5496

Yup, Edison valuing FLC @ 75c in one of their recent reports:

https://www.edisongroup.com/publication/landmark-e165m-contract-win/23552

Fluence’s strategic priority remains growing its higher-margin “smart” product (SPS) and recurring revenue base to build margins and visibility (see Delivering on a demanding target). Nevertheless, this win is transformative in our view. It demonstrates it is also a credible supplier of large, complex turnkey custom solutions. Factoring in the financial impact, Fluence will deliver well over 50% organic revenue growth in both FY19 and FY20. Despite this the shares are currently rated at just 7x adjusted FY20 EPS. A DCF approach that reflects the growth and margins we believe Fluence is ultimately capable of suggests an A$0.75 per share valuation, double the current share price.