Australian Worldwide Exploration - Target price increase
The company appears poised to deliver strong project growth, with three firm developments and one contingent new project set to commence in the period 18 to 24 months from 30 June 2004. The challenge we see for the company is to continue the production and earnings momentum beyond 2007. Does the exploration acreage have enough potential to push the production curve, or are acquisitions on the agenda? We have lifted our target price to from A$1.84 to A$1.91 (+4%) based on a 12-month forward valuation, although we believe success in the remainder of the current exploration programme could result in share-price performance in excess of this level.
AWE Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
