CY17 forecast, page-35

Considering the silver doughnut succeeded last time to drive the price way down, who's to say they can't do it again??
Have a look at their valuation and recommendation on GXY - extract below:

Price catalyst
 12-month price target: A$0.46 based on a DCF methodology.
 Catalyst: Achieving its first shipment and securing strong pricing for CY17 have proved strong catalysts for GXY. Translating this success to earnings and increasing market share through expansion are, in our view, the key longterm catalysts for the company. Meaningful progress at Sal de Vida would also be a positive.
Action and recommendation
 Maintain Underperform. GXY’s successful redesign and recommissioning of Mt Cattlin is a significant achievement. We still expect a large amount of new supply to be delivered over the near term. Whether longer-term demand conditions are strong enough to incentivise the construction of Sal de Vida remains to be seen.

They also value SDV at $0.10 per share.....WTF!!!

Anyway, it looks like Crash's assessment is very real and publications like this will only reinforce the market view is the next move will be down. I will be a lot more conservative in my buying moving forward.

GLTA