I'm curious, what do you all think about Justin Lee's attempts at valuing Electrovaya?

"As EFLVF is an early-stage company, it's hard to estimate their business value using DCF or valuation comparable. Considering that the EV battery market is expected to reach $84 B, capturing 1% of the market ($840 M annual revenue) will justify a market cap of $1.4 B (using the sector median Price/Sales of 1.65x). A $1.4 B market cap would represent 10x upside from the current market cap ($136 M).

Another approach would be to utilize the financial projection from Solid Power (DCRC). Solid Power is one of the leaders (along with QuantumScape) in the solid-state battery space. They are expecting their EBITDA to reach $480 M in 2028. Utilizing the sector median EV/EBITDA of 14.35x and EFLVF's WACC of 13% to discount for 7 years, the EV (market cap + net debt) of EFLVF's solid state battery business is estimated at $2.9 B, which also represents a substantial upside from the current level."