There is a lot to like but their summary is a good starting point
"Investment case Avanco is a high growth, debt free, emerging copper miner. It has established an excellent development and operating track record with the performance of the Antas Nth mine to date. The larger Pedra Branca project will be FID ready by end 2017. The clean balance sheet, management performance, dearth of competing copper mining opportunities globally and a firming copper market should see it attract the funding required. The exploration opportunities are very good and AVB’s recent cashflow lift will see momentum build throughout 2017. The CentroGold strategy should become clearer once permitting and scoping study is completed. AVB’s reputation positions it well for other acquisition opportunities within the Carajas. We value Avanco at $0.17/sh."
AVB Price at posting:
12.0¢ Sentiment: Buy Disclosure: Held
