I think Southern Cross Equities must have read the UBS valuation.
Bell Potter, who use UBS Research, have just initiated coverage on AZZ with a 12M price target of $1.04.
A summary of their valuation: - Cheap on a DCF modelling and shale peer basis - EV per boe is $3.96 and UBS consider the reserves worth closer to $10/boe - AZZ is valued at $3,700/acre for its net 28,600 acres, whilst BHP recently paid $15,100/acre for Petrohawk - Unrisked valuation of $1.54
Good luck holders.
AZZ Price at posting:
51.5¢ Sentiment: None Disclosure: Not Held