Using your figures for FY 19 (ie in a few months time) I get a P/E on a 66.5% basis of 8.4x at the current share price.
I would say that is very reasonable for a stock with fully funded expansion plans. If you put them on a more reasonable P/E of 12x you get a current price of around $7.
My point is that given most of the wrinkles are out of the way. Heading into summer with better weather conditions, fully funded expansion plans and a firm Lithium price, the discounted stock price of $4.85 is good value on a risk weighted basis. In My opinion of course.
As I said, it takes two to make a market. And, they are your figures after all.......
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