Our Research

Equity Research Coverage

IIR provides analyst coverage on companies providing fundamental analysis complete with a valuation, and commentary on all market sensitive announcements over the term of coverage, which is generally twelve (12) months not that dis-similar to a Broker style coverage Our research does not provide a recommendation (eg Buy, Sell & Hold) (without any corporate activity inherent bias).

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March 19, 2019

Walkabout Resources Ltd (ASX: WKT) – Positive Definitive Feasibility Study – Southern Tanzania, Namibia – Valuation Upgrade

We updated our valuation for Walkabout, using a geared, after tax NPV10 technical valuation for Lindi risked at 67.5% for Ore Reserve confidence and project stage. This results in a Company technical valuation of A$238 million. Using a diluted share base of 371.4 million shares from our conceptual 70:30 debt:equity funding model results in a current base case value of $0.64/ share....
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January 13, 2019

SelfWealth Limited (ASX:SWF) – Industrials – SMSF ETF/ Retail Broking/ Model Portfolios

SelfWealth is undoubtedly a high risk, high return investment proposition. We believe the Company’s core IP provides a compelling and unique value proposition. We expect the solution and the ETF - an ETF powered by SMSFs for SMSFs - will resonate strongly with the target market. However, notwithstanding these positives, there is substantial uncertainty regarding the degree of commercial traction of both the ETF and the core model portfolio software solution....
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December 13, 2018

Allegiance Coal (ASX:AHQ) – DFS Due Early 2019 – Partnered with ITOCHU – Valuation Update

We have updated our valuation for Telkwa, with the total risked company value increasing from A$125.2 million to A$207 million. This results in a risked, base case diluted per share valuation of A$0.396/share, up from A$0.326/share. However, given that our current valuation is financed and post tax, and also has Itochu as a JV partner, the previous and current valuations cannot be directly compared....
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December 11, 2018

Raiz Invest Limited (ASX: RZI) – Micro Invest Platform for Millennial’s – Savings Tool for Users

The company has the exclusive and irrevocable right and licence for use and development of the Acorns (rebranded “Raiz”) micro-investment platform in Australia, NZ and certain countries in South East Asia. The company is currently in the early stages of the growth phase and as such an investment in the company is considered at the higher end of the risk scale....
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November 12, 2018

Melbana Energy Limited (ASX:MAY) – Oil & Gas – High Quality, Under-Explored Projects – Aust/ Cuba

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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November 11, 2018

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

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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October 22, 2018

Technology Metals Australia Limited (ASX:TMT) – World Class Vanadium – Now Commenced a Definitive Feasibility Study

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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October 5, 2018

Race Oncology Limited (ASX: RAC) – Bisantrene Produced for Named Patient Program – Drug Available in Europe, UK and South Korea for the Treatment of AML

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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October 4, 2018

Broken Hill Prospecting Limited (ASX: BPL) – Low Cost Exploration – Identifying Prospective Targets in the Murray Basin

Price target of A$0.23/share: Our price target is based on the value of the current projects and the risk weighted value of payments due on the development of the TCP. Exploration success on the other projects will result in significant upside to this....
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