From AIR DAILY18/5/05:
Tap is currently trading at a 15% discount to Merrill Lynch's valuation and the analysts see an attractive mixture of low risk/reward and high risk/reward exploration on the horizon, which "has the potential to dramatically enhance" their valuation.
On a risk adjusted basis the analysts have a $1.08 value on Tap's near term drilling program, "or some 55% upside on the current share price."
Merrill Lynch's earnings forecasts currently do not include any exploration success and are therefore very conservative "considering the high historical success rates."
The stock is rated Buy, Medium Risk.
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- merrills rate tap as a buy
merrills rate tap as a buy
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