broker report says blackwood 20% undervalued

A broker report was posted on the company website yesterday.

http://www.bwdcorp.com.au/2-investors/broker-reports

It concludes a lowish valuation of 35c per share is justified given the very early stage of exploration (but still 20% above current share price (after all, the broker IS BWD's corporate broker, so you expect them to be positive).

Secondly, BWD is Noble's Australian coal exploration vehicle, and will be well supported financially and technically to grow through aggressively drilling some very prospective EPCs during the dry winter season.

I think it's great buying at this price for pure Queensland coal exploration exposure (I must disclose that I have quite a few BWD shares myself).

Good luck all!