deutsche bank price tgt 50c hold, page-7

I am assuming they r factoring in the upcoming 35% farmout in that valuation.

Here's how I see it.

Base SP: 25c (pre-Cottee news & AGM etc)

NXS's 85% equity for a mid-case valuation of crux: $913mil
(refer ASX release dt 23rd Sept).

Value of 35% farmout = A$319.55 mil.

Shares on issue: 1326.821mil

So post farmout, impact on SP:
($913mil * 35%)/ 1326.821mil = 24cps

Total: 25+24 = 49cents

Expenditure incurred by NXS as per Annual Report $311.59m, plus bonus points for securring FID.

Should b interesting how much they can squeeze out of a 'substantial Chinese entity as a JV partner' as referred by Fowler in his AGM ASX release (dt 17Nov11).

Sounds like accumulation is on, by those with deeper pockets.