feb 2008 analyst report

Check out the new website.
http://www.neptunems.com/
Investor section contains analyst reports.
The latest is a report from Patersons this month (Feb'08).
They remain comfortable with full year forecasts.
Their target price is $1.26/share. DCF valuation is $0.99/share.
I know Patersons have been connected via placements etc but with their 'inside' knowledge they should be pretty spot on with the forecasts.
In my view forecasts are most likely conservative and revenue should exceed target.
I dipped into the NMSO again today. At these prices NMS are around 40 - 50% dearer than NMSO. NMSO a steal.
Based on the above valuations the share price is heavily discounted at the moment. Clearly a market fear driven move down.
Patersons comment that newsflow from the ROV'S, Vessels and contracts should be a positive catalyst. They rank NMS as a spec buy. IMO its a screaming buy.
Have a look.