Price Target $2.25
Exciting upside potential…
We continue to believe that PVD offers the potential for near-term high impact events, in particular farmout negotiations (leading to the securing of funding for the drilling program) and acquisitions. The read-across values alone (from farm-ins on adjacent acreage) imply a valuation significantly higher than PVD’s current ‘12E EV (c.A$32m). While we have updated our NAV, given the speculative and concentrated nature of the company’s portfolio we feel it prudent for now to retain our previous PT methodology.
We have therefore set our PT at an EV/risked prospective barrel of $0.75/boe, risking net resources at 10% (of our assumed post farm down interest of 37.5%). This yields a new PT of A$2.25, up from A$0.87. We retain our BUY recommendation.
http://www.puravidaenergy.com.au/news_pdf/120925_-_Brewins_-_Significant_Resources_Upgrade.pdf
Ann: Brewin Issues Research Update , page-2
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0.7¢ |
Change
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Mkt cap ! $19.66M | |||
| Open | High | Low | Value | Volume |
| 0.7¢ | 0.7¢ | 0.7¢ | $42.20K | 6.136M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 14 | 10766100 | 0.6¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 0.7¢ | 2660588 | 10 |
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