HAV 4.44% 23.5¢ havilah resources limited

New Research Report

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    For those of you that are interested, new research report (dated 30 November 2015) on Havilah Resources Limited this time by State One Capital:

    http://www.havilah-resources.com.au/pdf/State_One_Capital_HAV_Research_20151130.pdf

    "Underpinned by estimated NPVs10 of A$28m for the Portia Gold Mine (HAV 50% share of gold production), and A$47m for the Kalkaroo Cu-Au Project (NPV 20% risk-weighted), we calculate HAV’s enterprise value at A$99m (equivalent to A$0.47 per fully diluted share). Adjusting for FY16E net debt of A$6m, we calculate HAV’s equity value at A$94m (rounded) or A$0.44 per share.

    We initiate coverage on Havilah Resources Limited with a Speculative Buy (Higher risk) recommendation."

    Cheers

    These are only my random thoughts and it does not constitute investment advice. DYOResearch.
 
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