Fox Davies Capital have done a broker review on AGM. In fact...

Fox Davies Capital have done a broker review on AGM. In fact they reviewed all Australian Nickel companies and recommended a buy for AGM with a target of $1.26
They visited the site in Dec 06 so were able to give a much better than an armchair evaluation of the company

Sounds good? Well the news gets even better. This price is based on the nickel price $15000Us/tonne!

They believe the present share price is about right for the (prior to last AGM announcemnet) rescouce of 1.14mtonnes but it was a reasonable conservative assumption that they would increase this to 2m tonnes, hence the $1.26 target. Remember, this is at $15000US tonne nickel price.

They have a table where you can calculate the target SP at other nickel values, (they didnt do this) and roughly speaking it gives the following results-

$20000 $1.70
$25000 $2.00
$30000 $2.40
$35000 $2.70

Now that AGM is part of the ASX300 we can expect further reviews. They should make interesting reading!