Broker report - we all need to apply a ratio of what we think is fair and go from there. Or as bigstar says - do our own version!
However as dk just posted...
17c DJC valuation was based on just on what we know about NMR today.
They will revise upwards (for what its worth) when further results are known, one would imagine.
Also this from DJC report....
"We chose the 2.4Bt washed coal Inferred resource as the basis for our valuation, believing that this is conservative."
"The peer group comparison data, at 3c, suggests a valuation for NMR of $71m, implying a value of $0.17 per NMR share, or a 400% premium to the current price. The market is currently valuing NMR as if it s resource base was just 500Mt. Once a Scoping Study document is produced, we will be able to refine our valuation estimate using quantitative data"
"NMR has the lowest EV/resource tonne partly by virtue of its very large resource, but also in our view, because the market has not yet recognized the value proposition. We believe a potential catalyst for this will be the publication of the Scoping Study report, which should set the rough parameters for a potential operation, or at least, define which options NMR are considering to move the project to the next level."
Still room to move up in their valuation - and in turn the markets valuation (be it lower or higher in the future)
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Top 20 looking more than OK (Dec 14 2011 vs Jan 11 2012)
T+3 traders have had a chance to fall off of late.
Minimum holding in top 20 is now 3 million up from 2.4 million
Quite a few extra retail holders in Commsec and Etrade all settled and waiting.
New holder with 4.1 million units
Directors holding unchanged(the UK sales pitch specifically highlighted the directors 17% holdings as a positive in their marketing pitch. They would look like fools to sell now)
Even Ex-director Mullen only dropped a tiny ($8000) hand full since 14th December 2011, til 11th Jan 2012
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AFR back in the 30 cent range - bolstering up our peer comparison target
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Markets not freaking out too bad over S&P downgrades - seems a lot of it factored in....
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Buy depth right back to high 4's looking solid
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Time will tell! How profound.....
DYOR
bsh
NMR Price at posting:
5.6¢ Sentiment: LT Buy Disclosure: Held
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