The Shaw research report dated today is on the company's website...

The Shaw research report dated today is on the company's website already

This is lifted from it....

When we compare Peninsula with Boss Energy (BOE, Hold, PT $4.75), there are many
similarities and yet Peninsula has an enterprise valuation around 1/8
th that of Boss
(US$125m v US$945m). Both companies have in-situ leach uranium operations in first
world jurisdictions, both will produce around 2Mlb/yr, both will be in production within
a year, and both have a similar sized resource with substantial exploration upside. The
main difference is that Boss is already in production and is lower cost (Boss AISC of
US$26/lb). Boss deserves to trade at a premium, but in our view the valuation gap is too
wide. We also note that Boss recently acquired a 30% stake in the Alta Mesa ISR uranium
project in the US for US$60m – this implies a resource multiple of US$10/lb compared to
the similar Peninsula at US$2.3/lb.