haywoods new research values avm @ $c7.00

Folks,

Haywoods have released a new 13 page research report that targets Anvil at $C7.15. while rating it as a Sector Outperform. The valuation is based on a long-term metal price of US$1.00 per pound for copper, US$7.00 per pound for cobalt and US$6.25 per ounce for silver assuming a 12% discount rate for Dikulushi and Kulumaziba.

Interestingly at a copper price of US$1.20 per pound, NAV rises to $C$9.50 per share, and at current prices of about US$1.40 per pound, the NAV is $C12.00 per share.

EPS C$ for 2005E 0.11 and 2006E 0.49.

Something to think about

All the best

KKR