who wants a retrace or a dip?, page-9

The reality is all of the market analysts have rightly taken a conservative view to the startup nature of AGO. It has been moving from nothing to producing relatively quickly. Normally these types of ramp ups are typified by delays and cost over runs. For this reason the analysts build into their models these disappointments. BUT for AGO there have been NO disappointments and in fact they are ahead of time and below budget. So when the analysts have a minimum value of $3.50 this is based on short falls and cost overruns.

$5 is fair value in my view given the lack of negative announcements. $10 will be achieved once the cash flows start accumulating over next 18 moonths.