macquarie private wealth research

Morning. Macquarie has initiated coverage of RES. Outperform with a target of 75 cents. They've made (by their own admission) some very conservative assumptions and a big risk adjustment to the NPV. A very thorough report though (22 pages) and the usual comment that RES is the cheapest EV/resource t of all listed ASX and Sth African explorers (RES is currently valued at 50 cents per tonne of resource whereas Bandanna at 13.83 per tonne is the most expensive).

I think their target is far too low but it's great to see it on their radar screen. Macquarie Private Wealth's distribution platform will get the stock in front of a much larger range of potential investors.

P.S Apologies but I can't post the report.