wiseowl tfc buy target $1.58

Hi Lord,

Thanks for publishing the latest update (see bottom).

I very much liked the positive on the Middle East fund settlment and the $240 Mill investment over 5 years. Particularly the comments - "More to come. TFC?s non-MIS product strategy coming to fruition, with the
US AAA rated institutional investor exercising its option for a second round of investment in FY11. Combined with other non-MIS agreements to be finalised, FY11 should be a WATERSHED YEAR for TFC, outperforming its peers in the industry.

Valuation and price target remain at a premium at current levels. Final settlement of institutional funding should drive a deserved re-rating of the stock along with other non-MIS agreements in FY11. Our earnings based
valuation ($2.73) and 12 month price target of $1.58 remains unchanged.

The Feb 25 results should be the catalyst as it should provide further guidance on upcoming settlments and full year cashflow etc.

SD





https://promo-manager.server-secure.com/download/files/03059/195495/TFC%20Update%2006%20Feb%202011.pdf