hartleys upgrade to 5.4c, page-5

Never seen such a bullish research report, certainly never seen such a direct buy recommendation.


How to Play it? Take a Position Now

Whilst there is still some risk related to flow rates from Warro-4, we are confident that a positive outcome will be achieved, which should result in a significant rerating.
Sale / farmout of the Duvernay / Rock Creek may also provide a catalyst leading in to the end of the year. We rate TSV as a Buy with an increased price target of 5.4cps (prev 4.9cps).

Iteresting to note the 3 different valuations provided starts at 7.1 for a base case and heads out to 18.2c for blue sky, personally see this as serious undervalue but plenty of water to flow just yet.

Also they completely miss the free carry for another 50mil from alcoa, its not mentioned at all - go figure