Euroz - price target of 1.31 with a heavy disocunt applied to...

Euroz - price target of 1.31 with a heavy disocunt applied to Zola. They beleive Zola could add another 60 cents at least to valuation which would bring valuation in line with Macbank and Hartleys 1.80 -2.00 range.

Cash backing at present 37 cents per share or 42% per share excluding 10 million free carry and further cash to come in from Brunei and other sales

The rest is very much as we know - in the valuation they also include a 10 million dollar contigent liability which is good as it means they are covering all basis

Picked up 20,000 odd units today at 87.5. With cash, revenue, further sales and limited expnditure, happy to buy more even with the market volatility and dark clouds over Europe