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UBS rates PEM as Buy - The company has completed mining at Flinders and has signed an offtake agreement for a portion of the ore but the broker had already factored this in to its estimates.

While cautious on the zinc price the broker retains its Buy rating as it sees the stock as good value at current levels.

Target price is $2.80 Current Price is $1.40 Difference:$1.40 - (brackets indicate current price is over target). If PEM meets the UBS target it will return approximately 100% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June. UBS forecasts a full year FY08 dividend of 8.00 cents and EPS of 23.00 cents. At the last closing share price the estimated dividend yield is 5.71%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.09.