Goldman has maintained its 50c TP citing the pricing action yesterday as an overreaction.
In addition, this is the first time I've seen P&L forecast going out as far as FY28. The revenue profile is quite similar to my DCF (so I am not as delusional as some may think) though the NPAT is quite a bit lower than my model, which I will analyse some other day.
Looking at the Risked NAV model, GS has assigned a 50% COS for OH while assigning what is effectively a 50% COS for the conversion of 271PJ 2C to 2P (they have done it by assigning 100% COS for half the resource). This looks far more reasonable and balanced in terms of risk discounts.
618
Analyst Notes and Price Targets, page-15
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Mkt cap ! $558.7M | |||
| Open | High | Low | Value | Volume |
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| No. | Vol. | Price($) |
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| Price($) | Vol. | No. |
|---|---|---|
| 18.0¢ | 3191 | 3 |
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