a 2011 milestone, page-14

Ord Minnett also commences coverage.

It is a truth (almost) universally acknowledged that technologies based
on low-carbon emissions have a crucial role to play in the development
of long-term global energy sustainability. We believe an investment in
Silex Systems (ASX: SLX) provides exposure to the significant upside
potential of the company?s highly advanced ?clean energy? technology
platforms. These technologies fall into two main areas: the separation of
isotopes by laser excitation for the purposes of uranium enrichment; and
the generation of highly efficient solar power for utility-scale facilities and
through photovoltaic cells and panels.
? We initiate coverage of SLX with an Accumulate recommendation and a
$7.00 per share June 2012 price target. We value SLX at $9.14 per
share using discounted cashflow analysis of our long-run base case
earnings estimates.