gmp reiterates buy, page-8

Excllent work Smoosy,

If you want to see the FULL REPORT, go to:

http://dl.dropbox.com/u/11012216/CCC-05-03-11-GMP-Midday.pdf

NOTE: FULL VALUATION 12c IS CLOSE TO 14c FROM EDISON... SOLID BROKER REPORT RECOMENDATIONS AGREE THERE IS VALUE IN CCC.

AGAIN, AS MIHAL WOULD SAY, THUMB UP SMOOSY's POST IF YOU READ IT AND ENJOYED IT.

SLIGHT CHANGES TO OUR VALUATION
The production and cost updates resulted in a minor increase in our overall valuation to A$292m vs A$282m earlier, with Ferreira contributing most of the increase in valuation. Our Ferreira valuation increased by c.50% to A$34m from A$22m earlier due to higher export production estimates.


MAINTAIN PT; RE-ITERATE BUY RATING
We value Continental Coal using a sum of the parts valuation based on DCFs for the Vlakvarkfontein and Ferreira operations and Penumbra project and EV/resource multiples for the rest of the company?s projects. Our valuation is A?10.2/sh and we maintain our price target at A?10/share. We re-iterate our Buy rating as we believe that the stock is materially undervalued.

Newminer1000.