My valuation of LAAC is based on a 10-year discounted cashflow. But in simple terms, if LAAC can guide to a 2024 EBITDA of $480m (allowing for start-up costs), and assuming an 8x forward EBITDA multiple (reasonable given the growth outlook for LAAC), implies an enterprise value of $3.85bn, less $100m net debt = market cap of $3.75bn, @ 163m shares (fully diluted) = $23 per share.