how in 1 month can a comparison change so dramatically- might be...

how in 1 month can a comparison change so dramatically- might be a bit muffled in my post but go look at the original versions and comapre the 2 yourself.

Hrl has this below on their abid report – what gets me thinking is how on panax’s report on the 9th of July they can say panax has the lowest risk score of all the geothermals in australia, yet on the hot rock report panax has a higher risk score than HRL. It seems they change things around every report to favour whoever they are reporting on. Every company they cover has a valuation of 10 -100 times the current value. pffft

HRL Abid report

Peer Risk Profile Company Total Risk Score Project Stage Risk Financing Risk Geothermal Type Risk Resource Characteristics Risk
HRL AU 1.8 2.3 1.3 1.3 1.5
RPG CN 1.4 1.5 1.3 1.0 1.5
GTH CN 1.2 1.3 1.0 1.0 1.3
NGP CN 1.6 2.2 1.2 1.0 1.0
PAX AU 1.9 2.0 2.0 1.0 1.5
EHR AU 1.8 2.0 2.0 1.0 1.0
GDY AU 2.0 2.0 2.0 2.0 2.0

Valuation vs. Risk Profile Company Total Risk Score Enterprise Value/ Resource (AU$/MW) Enterprise Value (AU$m) Market Cap/ Resource (AU$/MW)
HRL AU 1.8 847 3 1,313
RPG CN 1.4 166,051 246 40,485
GTH CN 1.2 304,595 81 105,047
NGP CN 1.6 152,658 75 5,971
PAX AU 1.9 2,047 3 2,810
EHR AU 1.8 38,986 16 42,391
GDY AU 2.0 9,915 20 22,355

Panax has this below which differs greatly to the HRL one and is only 1 month between reports

Panax abid report 9th july

Peer Risk Profile Com-pany Total Risk Score Project Stage Risk Financing Risk Geothermal Type Risk Resource Character-istics Risk
PAX 1.3 1.0 2.0 1.0 1.0
EHR 1.4 1.3 2.0 1.0 1.0
GDY 1.3 1.0 1.0 2.0 2.0
GHT 2.7 3.0 2.0 3.0 3.0
GRK 2.9 3.0 3.0 2.0 3.0
GER 2.4 3.0 1.5 2.0 3.0
HRL 2.0 2.0 1.5 2.0 3.0
KEN 2.7 3.0 3.0 2.0 2.0
PTR 2.2 2.0 2.0 2.0 3.0
TEY 2.9 3.0 3.0 3.0 2.0


Valuation Vs Risk Profile Company Total Risk Score Enterprise Value/ Resource (AU$/PJ Enterprise Value (AU$MM) Total Resource (PJ)
PAX 1.3 9.8 3.3 332,000
EHR 1.4 37.7 16.6 439,432
GDY 1.3 100.8 23.9 237,000
GHT 2.7 48.9 4.1 84,000
GRK 2.9 33.5 5.0 150,000
GER 2.4 32.1 3.7 116,136
HRL 2.0 26.1 6.9 265,455
KEN 2.7 14.6 2.7 182,100
PTR 2.2 20.7 4.6 221,382
TEY 2.9 0.2 0.2 780,000

Nothing is ever consistent. Seems imo that they do as they are told not publish what they think.