Ripe to launch, page-40

PEN market cap is $222M
BOE market cap is $2B (almost 10x PEN)

BOE overvalued or PEN undervalued?

Here's what Shaw & Partners say about difference in valuations:


When we compare Peninsula with Boss Energy (BOE, Hold, PT $4.75), there are many similarities, and yet Peninsula has an enterprise valuation around 1/10th that of Boss (US$120m v US$1,286m).
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 fully funded, is closer to first 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$1.7/lb.