Equity Research Coverage Reports

Allegiance Coal (ASX:AHQ) - Low Cost Metallurgical Coal - British Columbia, Canada - Expect Production late 2019
Friday, September 22, 2017
We have a base case valuation of A$0.37/share for Telkwa - this is based on the small scale operation, and we see significant upside to $0.82/share in this with the ultimate, full-scale operation, and also upside with success on permitting and execution. We note that these figures are based on unfunded and pre-tax Telkwa Project modelling
Download Report
Race Oncology Limited (ASX: RAC) - Big Strides in the Re-Development of Bisantrene - Target Available for use in Europe & South Korea in 2 years
Friday, September 22, 2017
Our base case valuation for RAC remains at $0.44 per share. Our valuation is based on a fully diluted basis. The company is expected to generate revenue over the shortterm through the sale of Bisantrene under the NPP throughout the four above mentioned countries.RAC intends to make Bisantrene available for use in Europe and South Korea. The company is also seeking to gain approval by the FDA for its drug via the 505(b)(2) route.
Download Report
Codan Limited (ASX: CDA) - Radio Communications Division Beats Expectations Again - Another Result Beating Expectations
Tuesday, September 19, 2017
We have revised our target price for CDA up to $2.51 from $2.24 per share in our report published in March 2017. This represents an 8.2% premium to the share price at 14 September 2017. The company continues to deliver product innovation and development which has resulted in sales and earnings growth in recent years.
Download Report
Vista Gold Corp (TSX, NYSE American: VGZ) - Largest Undeveloped Gold Project in Australia
Wednesday, September 6, 2017
We have completed an NAV valuation for Vista, with this resulting in a Company valuation of US$440 million, or US$4.50/share. 92% of the valuation is attributable to Mt Todd, with an NPV5 value of US$405 million, or US$4.14/share.
Download Report
Novonix Limited (ASX: NVX) - Lithium Ion Battery Testing Equipment - Supplier to Tesla & Like Brands
Wednesday, August 30, 2017
The company supplies it’s products and services to a number of high profile customers including PANASONIC, TESLA, CATL, Apple, 3M, BOSCH and Dyson. The recent transition to a supplier of advanced battery materials and equipment and services to the global LIB market has positioned the company to take advantage of the rapidly growing LIB market.
Download Report