60 cents target in 6 months, page-24

Nikec
What is FA . It's analysis based around assumptions
It's modelling based on facts and projections , some of the facts often aren't fully disclosed.
fA is not the holy grail. For example if I put a 1100 long term gold price or a 1300 long term gold price I will come up with a very different valuation. The truth is both are guesses
Sometimes TA tells you things not yet disclosed to all , such a revenue issues , costs issues , funding issues. Take Newcrest who briefed some analysts are not others - the TA was telling the story of the FA before everyone knew the FA .

I say all this a someone who actually favors FA , but I also know TAs value. Indices are different to stocks, they are driven by broader factors that are harder to shift , TA also tells the story of sentiment which drives prices as much as FA over short to medium.
I think from a broad market perspective TA is very useful . I also think FA can be very subjective and the output is driven by the inputs which are subjective as you are always modelling the future. So ignoring either isn't wise, as is ignoring the weakness in each approach . I prefer to use FA with a TA overlay. For companies like BDR where you lack clarity and full and clear disclosure , relying on fA is dangerous , because we may actually really knew FA ( F..k ..l) about what is truly happening !!