macqurie recommendation, page-9

well if macquarie got PNA and PAN confused let's just hope nobody else does - why the bloody hell did the asx allow the old sallay malay to rebrand itself as Panoramic (PAN) anyway? it was always going to cause confusion.....

BA-Merrill Lynch rates PAN as Underperform 03/09/2009 06:28PM
PAN - Panoramic Resources Ltd
FY09 earnings disappointed on the revenue line, but the broker thinks the shortfall was primarily driven by the nickel and currency volatility, which makes calculation of the underlying result difficult.

Other than that, Citi is of the belief that the current period of weakness is just part of ongoing volatility in the market playing itself out. That has Citi thinking that the next upward nickel price move might make for a good buying opportunity.

Still, the current recommendation is Underperform with an unchanged price target of $1.75.

Target price is $1.75 Current Price is $2.48 Difference:($0.73) - (brackets indicate current price is over target). If PAN meets the BA-Merrill Lynch target it will return approximately - 29% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

BA-Merrill Lynch forecasts a full year FY10 dividend of 1.90 cents and EPS of 497.00 cents. At the last closing share price the estimated dividend yield is 0.77%.

At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 0.50.

Market Sentiment: -0.4