abn amro research report

was going over the jan 08 report recently published report on the Amadeus website on w-end

seems to be very conservatively constructed.

current production valued at 81c
add 2p value takes it to $1.60
strip out debt brings value to $1.11
then they calculate exploration upside at only 11cps ?

to reach a total value for AMU of $1.22
half its current sp.

How on earth did they reach a figure of only 11cps for exploration upside ????

That is taking conservative to a whole new level imo !!

They then proceed to knock another 20% off for good measure to reach a price target of around $1.

Co seems very bullish about the upcoming 2p reserve estimates, when are they due ?