Hi all,There's a new research report out from...

Hi all,

There's a new research report out from Morgans:

https://my.morgans.com.au/r.cfm/40B41509-530C-4A97-A222-15045D573DFC

I shouldn't really say new as this is one is done by Ivor Ries, who until 3 months ago was the Wilson HTM analyst covering NEA and has since been on 'gardening' leave.

Not surprisingly, his P&L/BS estimates are very little changed from his 26 July report (CF and BS numbers 5-8% less for FY14 & 15) but 12 month TP has increased to 65c(!)

Theres some new info in this report and I especially liked the way he projected the cash balance in 2018 of $92m that really shows that this could be a real growth generator which boosts the confidence in the medium term NPV numbers.

Enjoy.

Cheers.