Looking through the document it doesn't seem to have anything in...

Looking through the document it doesn't seem to have anything in there that we don't already know. They downgraded the high/low profit figures slightly and their valuation hasn't changed from the last one delivered on the 5th Feb...

"We believe that ECT’s portfolio of technologies makes it uniquely positioned to utilize low-grade coal (more abundant but less usable) in high margin, value-added applications. The technologies’ cost-effectiveness and simple implementation would result in higher margins with low capital intensity. The company’s target markets include countries which are net importers of coking coal but have huge resources of low-grade coal which cannot be readily utilized for high-value applications. ECT plans to initially target mine and power stations owners; however the application of its technology caters to a wide range of target customers. We believe that the company’s Indian Project will serve as the global launch pad for its technologies. If successful and operational, the number of installations could increase multifold. Our valuation estimates are based on risk adjusted intrinsic value of Coldry and Matmor plants in the Indian integrated project. Given due diligence and valuation estimations based on Discounted Cash Flows, we believe that Environmental Clean Technologies’ fair share value lies between AUD 0.032 and AUD 0.040."