Not clear on your valuation methodology , but it seems a...

Not clear on your valuation methodology , but it seems a conservative estimate?

My assessment is more subjective, but rationalised as such:
- All Ords are moving towards retesting it's January high point, at which time CNX was in the mid 80's
- current assessment by DERM is completely separate from the scheduled assessment by DEEDI in 2012. However both assessments will be based on independent advice from the scientific panel. This recent assessment has been thorough, lengthy and rigorous. If CNX gets the green light from DERM, it follows that the DEEDI assessment has been somewhat de-risked.

This company has had everything bar the kitchen sink thrown at it this year, but if it can come clear out the otherside with a series of positive announcements including the first power to the grid, I think it will retest previous highs. Just my opinion.