Equity Research Coverage Reports

Melbana Energy Limited (ASX:MAY) - Oil & Gas - High Quality, Under-Explored Projects - Aust/ Cuba
Monday, November 12, 2018
We have completed a sum of the parts NAV valuation for Melbana, with a risked value of A$113 million, or A$0.059/share as shown below. The per share valuations are based on the current share structure, with no allowance for any future capital raising.
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King Island Scheelite Limited (ASX: KIS) - High Grade Tungsten Project - Off take and Financing to be undertaken by March 2019 - Close to Established Infrastructure - Tasmania
Sunday, November 11, 2018
We have completed a high level Project valuation for Dolphin, with a pre-tax, unfunded and unrisked NPV8 of ~A$121 million, with upside for any extension of operations, including underground. The Project is reasonably robust, and is most sensitive, as expected, to changes in revenue inputs, including metal prices. The base case valuation has been calculated using an AUD:USD exchange rate of 0.72.
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Technology Metals Australia Limited (ASX:TMT) - World Class Vanadium - Now Commenced a Definitive Feasibility Study
Monday, October 22, 2018
We have also completed an indicative risked, after tax valuation for the Company with a share price target range of A$1.13 to A$1.84 based on share structures diluted for a number of conceptual funding scenarios - given the range of possible funding paths this needs to be treated with caution and used as a guide only.
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Sheffield Resources Limited (ASX: SFX) - Mineral Sands - Offtake Agreements in Place - Funding & Permits Approved - WA
Monday, October 15, 2018
We have a current base case value of A$1.75/share for Sheffield, with the majority of this ascribed to our risked NPV8 valuation of Thunderbird. Our per share valuation is based on a share structure diluted for equity raised for the development of Thunderbird. The current deep discount in the value of Sheffield to the expected value of Thunderbird, that the Company or the Project make an attractive takeover or acquisition opportunity.
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Race Oncology Limited (ASX: RAC) - Bisantrene Produced for Named Patient Program - Drug Available in Europe, UK and South Korea for the Treatment of AML
Friday, October 5, 2018
Our base case valuation for RAC has been reduced from $0.44 in our last report released in September 2017 to $0.40 per share. Our valuation is based on a fully diluted basis. The reduction in the valuation is primarily a result of the increase in the discount rate from 12.4% to 17.4%, driven primarily by an increase to the beta from 1.1 to 1.5. The company now has three key value drivers: (1) NPP Sales; (2) FDA approval of Bisantrene; and (3) RPD designation and PRV.
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