Terramin's zinc outlook promising WHAT THE BROKERS SAY: Kevin Andrusiak | November 19, 2007 The Australian
Terramin Resources (TZN)
Foster Stockbroking
Buy recommendation
Share price target of $6.95
Last traded at $3.78
COMMODITIES analysts are convinced that the short-term outlook for zinc is not the brightest going around. That makes for tricky times ahead for the growing legion of zinc producers, of which Terramin is right in the mix. But the expected weaker times ahead for zinc don't necessarily mean that Terramin will be going backwards, according to Foster Stockbroking. In fact, Terramin is sharply undervalued on a peer comparison basis based on Foster forensics. "We have made a comparison with other ASX listed zinc companies on an earnings value per tonne of JORC resource multiple basis. It shows that Terramin is trading at a discount of 41 per cent to all companies and 48 per cent discount to the producers only." However, Foster analysts believe the latter discount will unwind when Terramin begins production - slated for July/August - at the Angas lead/zinc mine near Adelaide where Terramin is so far defying the tight markets an getting all deliveries of equipment on time. Also in South Australia, Terramin is expected to release the initial resource for Menninnie (where it is in a joint venture with Zinifex) in January. Foster says its share price target would jump to $10 when the value of Menninnie is also factored in.
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