analyst report

There's a new (January 9th) report on Po Valley by Foster Stockbroking, available at http://www.povalley.com/s/Analyst_Reports.asp

There's nothing new in this, it's basically just a DCF valuation - $1.93 - with a price target of $2.35, "reflecting a 10% premium to our DCF based valuation in one year's time. We believe the premium is warranted given the continued disputes between Gazprom and the Ukraine and the high margin and low capital nature of the business."

With such light trading volumes and so few holders - fewer than 500 as of the last annual report, making PVE the most tightly held stock in my portfolio - the share price could do anything. But with the two production concessions granted now, there doesn't seem much downside risk to Po Valley's fundamental valuation. On the upside, the gas prospects are surely worth more than the 5c/share this report assigns them - and who knows, one of those 5 mbbl oil prospects might come good, or even Rovagnate.