One thing I really like about PAN is the way they openly provide broker reports on their web site. (Both favorable and unfavorable)
The latest is from Credit Suisse and is dated 23rd October.
It gives a target price is $1.00 ps after applying a 25% discount (would have been $1.33 without discount). It puts the current (dismal) nickel price down as a 'difficult operating environment' and assumes that the price will recover.
Do while I don't have access to the Patersons update, it it not surprising that they recommend a buy, and I'm sure that, like other brokers/analysts, they are discounting the target price & 'fair value estimates' for a number of reasons including short term nickel price fluctuations.
If the nickel (and Gold) price did not fall at the time the annual report was released, then I think the sp would be significantly higher by now.
So I think the analysts do 'have a clue' but just embed the short term commodity price volitility in the 'discount' applied to their valuation/targets.
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