Aldersyde overvalued Echelon used the wrong share count and a bloated multiple. Also, it used Cielo's pricing for renewable diesel which is not supported with any proof.
22.5 x 9.3 mil ebitda / 427 mil shs = $0.49/sh
15 x 9.3 / 650 mil shs = $0.21/sh
We value the Company’s Aldersyde facility running at 2,000 L/hr and corporate overhead using a 22.5x C2022 EV/EBITDA multiple, in line with the peer group average of 22.5x and implying a $0.49/shr value