come on shorters get up on the bid, page-16

re: i think ncm is not over valued The charts tell a story.

Gold, Copper & NCM Charts.



$15 is not going to happen:)

A sale of Boddington at the right price values NCM at over $24 per share:)

NCM remains one of brokers top reccomendations.

Strong Buy 3

Moderate Buy 3

Hold 6


Contributing Analysts:
- MACQUARIE RESEARCH EQUITIES
- GOLDMAN SACHS JB WERE
- UBS
- CS FIRST BOSTON AUSTRALIA SECURITIES
- LTD
- J.P. MORGAN
- BMO NESBITT BURNS
- MERRILL LYNCH (INTERNATIONAL RESEARCH)
- DEUTSCHE BANK SECURITIES
- CITIGROUP
- ABN AMRO
- RBC CAPITAL MARKETS (CANADA)
- AUSTOCK LIMITED

Forecast Earnings Trends
30-06-06 30-06-07
EPS(c) PE Growth EPS(c) PE Growth
Median 64.2 30.2 43.1% 73.0 26.6 13.7%
High 67.4 28.8 50.2% 103.0 18.9 52.8%
Low 59.0 32.9 31.5% 66.2 29.3 12.2%

NCM is a proven performer continuing on a proud tradition.

Last Analyst Update: 22/08/2005
Recommendation Hold
Last Price 19.42
Market Cap 6,439
Sector Materials


Rating Outlook
NCM is a quality, low cost gold producer with an impressive growth profile and strong exploration upside. NCM is a rarity as it has generated value organically through exploration. Predominantly Australian based, sovereign risk is low. At the right price, NCM represents a cornerstone gold exposure in a balanced portfolio. The lack of ASX listed investment grade gold alternatives helps to ensure valuation premiums remain high. The company is rated against offshore peers, many of which are trading on even loftier premiums to valuation. The ideal time to buy gold companies is when these premiums are low. There is a chance predators will leverage off their high premiums and bid for NCM using scrip.

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Premiums will not be low for many, many years.

Gold as a Currency will gain greater * greater importance.

Reavaluation of the Yuan will ensure Gold prices continue to rise for many, many years.

I hope this helps.

CHeers.