All good points brought forward and all have merit. Expressed perhaps a little differently as follows:

The market currently appears to recognize Poet's value on a quantitative basis without much regard or emphasis on qualitative issues. I view the RFP as a qualitative matter that possesses strong potential albeit future economic benefit. Depending on the value and the structure of the RFP Poet may earn some sort of margin on the development project but that in and of itself is a one time event. The market at this point does not appear ready nor willing to recognize anything other than Poet's income statement items.

If however, as FJ points out that the Indian government pays up for the technology transfer then depending on the structure of that part of the RFP, there may be a resultant cash flow stream that can be valued.

First things first, let's see if the RFP gets awarded to the right party and then we'll see to what extent the market recognizes any value in the SP that sustains itself at new and higher levels. As we have seen in the past, fire and fall back happens far to often and I'm afraid that sales & revenues are the pre-eminant items that will impact the SP.

Hogan