While it was good to pick up some coverage, Mr Legg was *so* conservative that I don't consider a genuine effort at a valuation.

I thought I would reverse engineer his model and put in some more sensible assumptions.

$LIB.V $VLTLF

https://twitter.com/whirlybard/status/2052870951042527259

Skipping over the detail, here is the summary of my effort, which to my mind is close enough to Mr. Legg's numbers.

Notes:
- $20k lithium
- averaging ~50% utilization of plants
- per share metrics using current share count
- he's doing some rounding down in his EBITDA multiples

The @FuzzyPandaShort short report on $ASPI is hanging around like a bad smell, weighing on the stock. I am surprised by this, because 1) I consider it a hatchet job that is disingenuous at best, and 2) it doesn’t add much to the J Capital report released in February. I am long so am biased, but someone expressed interest in my point-by-point rebuttal to Panda, and once I had written it, I figured I may as well share it here. So here is my as-brief-as-possible rebuttal. Some of his “quotes” are paraphrased.