Yes, I agree that’s one way to look at it. You have put it well. Option Value of all these experiments is what is keeping the stock valuation also high. But since there is no way to really value this option value, it can be termed as speculative too. It is similar to how the Venture Capital / Private Equity markets are valuing start-ups.
Just one point – I think Free Cash Flows should be taken as Rs.400-450 crore rather than Rs.700 crore after deducting Lease Rentals of around Rs.300 crore which are appearing in Section C of Cash Flow Statement.
