credit sussie $6.40, page-10

Also from from the 2015 analysis
Price Target: (12 months) for Syrah Resources (SYR.AX)

Method:
Our $6.72/share target price for Syrah Resources (SYR) is set using NPV analysis. Our NPV assumes SYR's graphite/vanadium project in
Mozambique receives all required approvals for development with graphite reaching production by CY16 and vanadium by CY19. Our NPV assumes a flat US$850/t graphite
price, US$12,000/t 98.5% vanadium price, US$50,000/t 99.9% vanadium price and CS AUDUSD
assumptions.

Risk:
Risk to our $6.72/share target price for Syrah Resources (SYR) include, but are not limited to: permitting risk, geopolitical risk, metallurgical risk, commodity and fx pricing risk, project funding risk, management risk, development, commissioning and production risk, and equity dilution risk



Interesting to see the mention of Vanadium .
This has been the sleeper in most discussions though it was bought to our attention by Patient Man https://hotcopper.com.au/posts/25602852/single
In this he pointed out this important piece on pricing as follows
"Of relevance to Syrah is the vanadium pentoxide price which is used as one of the inputs to manufacture ferro vanadium. As of May 16, 2017 the vanadium pentoxide price (I'm assuming 98% V2O5), was USD$6 per pound which equates to $USD13,227.71 per ton (Source: Reuters)"

Earlier it had been mentioned by redgum in this thread https://hotcopper.com.au/threads/syrahs-vanadium.2712896/#.We050HZx29E
Well worth the read of full thread

Also of interest in the Risk side of valuation was the highlighted “project funding risk” and “equity dilution risk”
Project is fully funded so the Project funding risk is no more and the equity dilution has come to pass .
This dilution has not had a major affect on projected price from 2015 to 2017 projections

I do not have access to the latest analysis and it would be interesting to see the comments on Price target of $6.40 so far as the method /risk is concerned