Goldman Sachs have revised 12 month target to $0.25 (was $0.50) citing financing and project risk. Some points from report -
Financing - "We feel this is going to be extremely difficult to do in the current environment, and hence we maintain our view that SDL must bring in a partner."
Project - "While we highlight it may still be a very viable project, we feel the Australian market does not fully understand itabirites and hence is less likely to pay up for this."
"Market is no longer willing to pay up for potential alone and prefers to see more certainty."
"We highlight that SDL's Mbalam still has potential to become a significant project."
SDL Price at posting:
0.0¢ Sentiment: None Disclosure: Held
