$2.04 price target, page-10

where do they get this market cap from:-

• For a mid-cap company of ~A$356.3m, SEA’s balance sheet and funding position are extremely strong, with US$157M in cash and a US$300m credit facility currently drawn to US$30M. Sundance is preserving its working capital by acquiring Texon through script, and we believe the company will use its cash reserves both to fund its extensive drilling program and for further focused acreage
acquisitions.