Is LOOP stock still a buy? (June, 2024)We are modelling four JV plants rolling out for FY27 and FY28. The Ulsan plant will be a 49/51 JV, the French plant 16.5%, the Indian plant 50% and Japan 49%. We assume a debt/equity structure of 60/40 and 70/30 for India. Using our FY28 forecast EBITDA of $147M (unchanged), debt of $433M (unchanged), 57.5M shares outstanding (unchanged, ~47M currently), an 8x EV/EBITDA multiple and a 10% discount rate, we arrive at a target of $8.47 (rounded to $8.50). With the strong support of SKGC, Reed and Ester, we believe Loop is very fundable, thus we maintain our Buy rating, the analyst concluded.