For the information of "Ilervegold" and other viewers, JB Were...

For the information of "Ilervegold" and other viewers, JB Were report dated 26 August says:

"Earnings and Valuation Impact:
• Given AIO's recent earnings update there are few changes based on the result. However we have materially increased our coal volumes and pricing in NSW in line with recent guidance commentary from AIO.
• Our valuation has increased to $2.45/security (was $2.10). We have also increased our price target to $2.00 (was $1.70)"

At 3 September JB Were recommended "buy"

On 1 October UBS had a buy recommendation on AIO of $1.80

􀂄 "Valuation / Price target A$1.80 (unchanged)
DCF valuation implies 12x FY11E EBITA".

On 1 October Commsec reported:

"Earnings and valuation revisions
 The contract does not impact the near-term earnings of AIO and we have therefore left our forecasts unchanged. However, if Freightliner begins to win other contracts
we will need to consider revising down our long-term growth forecasts for AIO in Hunter Valley coal. Our valuation is $1.46 and our price target is $1.62".


Maybe, luverofgold, you should ask JB Were, UBS and Commsec how they arrived at those figures which are ALL way above your calculations, better still enlighten them on your own forensic accounting skills which seem to be unrecognised by the market.

ps why do you bother to post? you don't hold any shares, probably never have and most likely can't afford to buy any.
You certainly will never be a client of UBS or JB Were!