bell porter retains $1.50 target and buy.

Key points:

- TFC is on track to meet its target of net operating cash flow after tax of $70m for FY11.
- Settlement will allow payment of the final dividend
- Further settlements should see TFC approach a position of zero net debt by 30 June 2011
- Strong pipeline of institutional sales underpins management?s assertion that Indian Sandalwood plantation sales in FY11 will at least match the 1,088ha achieved in FY10
- TFC expects to announce ?other significant institutional transactions? in 2H11 which are nearing their final stages of due diligence and completion
-Confident that management will achieve its target of 10%
growth in cash earnings.
- Settlement of institutional sales provides validation to the shift in business model away from MIS and provides a key catalyst for a share price re-rating.

All good...and awaiting results for 130 trees harvested.

SD :-)

http://tfsltd.com.au/library/file/research-reports/Bell%20Potter_190111.pdf