Equity Research Coverage Reports

TNG Limited (ASX:TNG) - Vanadium Titanium Iron Project - Significant Progress Towards a Planned Mid 2018 Final Investment Decision
Monday, April 2, 2018
We have increased our base case, risked target price per share from A$0.41 to A$0.51. This is due to our increase of the risk factor from 60 to 65% given recent activities, and an increase in our forecast vanadium prices.
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Kalium Lakes Limited (ASX: KLL) - Scaleable Potash Project - Fully Funded to BFS - Highest Grade of Brine in Australia
Sunday, April 1, 2018
Our base case is the 75Ktpa start, expanding to 150Ktpa, giving a Net Present Value at a 10% discount rate of A$1.00/sh, rising to A$1.61/sh if the project is expanded to 300Ktpa. At a share price of A$1.00/sh, Kalium Lakes would be trading on a Price Earnings Ratio of 9.6x in the first full year of production at the 150Ktpa rate, which is still a low PER given the expansion potential.
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Tinybeans Group Limited (ASX: TNY) - Social Media Platform - Revenues from advertising from brands that Target the Baby / Child Sector - US Market
Sunday, March 25, 2018
IIR has a 12-month price target of A$1.50 per share based on our underlying earnings assumptions and DCF valuation. The Company has a proven product and business model. TNY offers a strong selling proposition for brands operating in the infant space. Its users are millennial parents with modern and connected families and who have a high level of trust in the platform.
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Stonewall Resources Limited (ASX: SWJ) - Near Development, Fully Permitted Low Cost Gold - South Africa
Sunday, March 18, 2018
We have an indicative valuation range of A$0.018 to A$0.058/share, with a preferred midpoint value of A$0.038/share. The current global resources of 28.2Mt @ 4.34g/t are relatively high grade when compared to peers.
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Codan Limited (ASX: CDA) - Better Than Expected Earnings Result - Valuation Revison
Wednesday, March 14, 2018
We have revised our target price for CDA up to $2.72 from $2.51 per share in our report published in September 2017. This represents an 11.5% premium to the share price at 13 March 2018. The Minelab division performed better than expected which has led us to revise our expectations for the division upwards, however, the Radio Communications and Tracking Solutions divisions underperformed expectations which has led us to revise downwards our expectations
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