Beer and Co: Valuation up - TP upgraded to A$0.40, page-5

Worth bearing in mind that 'Beer and Co' were paid to write that report (see the final page disclosure).

Their valuation is based on a USD Pog of $1300 from FY17-FY20, when it is currently $1228. That's quite a bullish view given they assume a sustained period of above average Pog.

I'd suggest people look at Pog sensitivities when valuing the company given Moy's leverage to the gold price, rather than taking a price target from a paid report at face value.

H.E.