what can we expect?, page-10

North American valuations will be very interesting - I think the upcoming listing will make or break the CPL share price in the short-medium term. On comparison to it's peers with assets in Australia, CPL seems very expensive. I don't think we can use the takeover multiples seen in Australia for this play - there is very little strategic rationale for a big player to eat this up at the moment.

Having said that, CPL is very well placed in terms of management, infrastructure etc. Upcoming definition of Vista South resource will also be a price catalyst (assuming it is sufficiently large). I think this is a company that has a solid future, and is very likely to develop into a producer - I think somewhere along that development curve is when a $2.20 valuation will be appropriate (in the absence of significant resource upgrades).