Three broker snapshots below. All clearly nervous that their...

Three broker snapshots below. All clearly nervous that their models exceed the current price, two very significantly, hence target prices below DCF.

**Goldman Sachs**
DCF Model 18.62, price target 15.80

Due to the drop in our near-term earnings estimates, our DCF valuationdrops 2.7% to A$18.62 (was A$19.14). The combination of lower earnings forecasts and DCF valuation drives the pull-back in our 12-month DCF and P/E-based price target to A$15.80 (was A$16.20). Our earnings estimates and historical average trading multiples for the base metals sector continue to suggest ILU is inexpensive; hence, we retain our Buy rating.

**Morgan Stanley**
Base DCF 10.75, price target 8.80

**Citi**
Base DCF 21.50, valuation target 17.50

Iluka’s interim result and dividend were ahead of our estimate and consensus driven by lower costs from inventory allocation. Market outlook remains
opaque with no change to sales guidance, but production volumes have been cut to reduce inventory build. Risks are balanced near term, but we still significant value in
Iluka as markets recover and maintain our Buy rating with a A$17.50/share target.