Worth bearing in mind that 'Beer and Co' were paid to write that...

Worth bearing in mind that 'Beer and Co' were paid to write that report (see the final page disclosure).

Their valuation is based on a USD Pog of $1300 from FY17-FY20, when it is currently $1228. That's quite a bullish view given they assume a sustained period of above average Pog.

I'd suggest people look at Pog sensitivities when valuing the company given Moy's leverage to the gold price, rather than taking a price target from a paid report at face value.

H.E.