Report released by Independent Investment Research (as noted by @T.E.P. above) who was Commissioned by the Company, refer to the below:
http://www.independentresearch.com.au/
Author is not disclosed in the report but details of independence (including disclosures, sources of information, restraint on analyst trading and no recommendation) are made throughout.
IIR Initiates Coverage: 4.7c price target (DCF base case), page-22
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