what will it take - go up!, page-11

Bell poter has upgraded its recomendation for NCM

FY09 result - delivers strong position for future growth
NCM has met earnings expectations in FY09 with an underlying NPAT of $483m, strong cash flow and balance sheet. Of most importance was a substantial upgrade in reserves and resources of both copper and gold that adds value and supports NCM’s premium market rating. We maintain a Buy recommendation with a new target price of $39.00 ($38.00).
Substantial Resource/Reserve upgrade. Gold resources increased 9.4moz or 13% to 80moz and copper resources by 56% to 14.36mt, mainly due to additions at the enormous Cadia East deposit and new Namosi resources in Fiji. Gold reserves were increased by 7% to 42.8moz and copper by 13% to 4.67mt.
Buy recommendation maintained. FY09 has provided a solid foundation for NCM that should ensure ongoing growth potential for many years to come. We have made minor adjustments to earnings forecasts but have lifted the NPV 7% due to the resource/reserve upgrades and advancements in its projects. Our target of $39.00 ($38.00) continues to represent a premium to the 12 month NPV of 2x, appropriate for NCM’s quality and long life potential. Buy maintained.

I'm enjoying the cheap buys and accumulating for now as it cant be held down for too much longer.