The first report was released on early Dec 2014, with an update...

The first report was released on early Dec 2014, with an update in early April from memory. Whilst there was some useful information in the report, there have been numerous changes in the landscape so to speak.
I am always wary of so called 'analysts' reports especially around valuations. I think that one needs to be careful in not allowing oneself to be influenced by what is written. When reading these reports, I always ask myself, whom is writing it, why are they writing it, on what basis are they arriving at their findings, where are they obtaining their data from, are they truly independent? and many others. A perfect recent example of why I am mentioning this was recently 90% of so called reputable analysts were writing off FMG. At the same time larger broker houses were buying. Be wary and think for yourself is the message.

Cheers
GF