price target of 1 04 from charlie aitken cheap, page-2

I think Southern Cross Equities must have read the UBS valuation.

Bell Potter, who use UBS Research, have just initiated coverage on AZZ with a 12M price target of $1.04.

A summary of their valuation:
- Cheap on a DCF modelling and shale peer basis
- EV per boe is $3.96 and UBS consider the reserves worth closer to $10/boe
- AZZ is valued at $3,700/acre for its net 28,600 acres, whilst BHP recently paid $15,100/acre for Petrohawk
- Unrisked valuation of $1.54

Good luck holders.