Interesting model indeed and quite complex. IMHO it bit difficult to determine key parameters for next year, leaving aside 2025 and beyond that. So my first comment is, that the price LCE of $12/kg may be bit much, but who knows. What will probably matter is the P&L in 2024. We can take your expected revenue add to that a portion of C-O Net Income, make it "per share" and multiply that by 11 (which is P/S of Livent, sort of a benchmark of an established Lithium producer. What ever comes out of that would be the "likely-to-be" price of LAC share at that time, unless of course it will not.

A back of an envelope calculation gives me something less than $39/share, assuming 102 mill. shares. 10% discount for each year from 24 to 21 and we arrive at something like $28/share for 2021.

However, that is a mining company. Gangfeng has the same ration of 22 (if one can trustChinese accounting standards)…. Damn, that sounds almost like a bullish proposition. I must have a fever…