Equity Research Coverage Reports

Allegiance Coal (ASX:AHQ) - Considerable Progress - British Columbia, Canada - Valuation Revision
Sunday, March 11, 2018
We have updated our valuation for Telkwa, with the total risked company value increasing from A$83.5 million to A$125.2 million. However, due to dilution from the October 2017 placement and the allotment of shares to Altius, the risked per share valuation has decreased 9% to A$0.326/share; this is significantly above the current price of A$0.06.
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Beston Global Food Company Limited (ASX: BFC) - High Quality Food & Beverage to Asia & Aust. - Growth Plans for Asia
Sunday, February 25, 2018
We have derived a valuation of $0.35 per share for BFC, a 49.8% premium to the share price at 21 February 2018. The valuation is based on the forecast FY18 NAV per share. Given the current status of the company and the significant asset base, we view this as the most appropriate valuation methodology at this stage of the company’s life cycle
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Venturex Resources Limited (ASX:VXR) - Exposure to Zinc Copper & Gold - Further De-Risking of Sulphur Springs Project Continues - Pilbara, WA
Sunday, February 18, 2018
Our valuation of Venturex is A$351M, with upside to that number if the Whim Creek assets are included. We have chosen not to risk adjust this valuation, because of the pace and scope of derisking work the company is undertaking, and because the commodity markets appear to be in a broad upward phase, and are likely to generate more positive than negative news over the next 12 months.
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Vista Gold Corp (TSX, NYSE American: VGZ) - Largest Undeveloped Gold Project in Aust. - Updated PFS
Monday, February 12, 2018
We have updated an NAV valuation for Vista, with this resulting in a Company valuation of US$459 million, or US$4.69/share, US$0.19 higher than our September valuation. 94% of the valuation is attributable to Mt Todd, with an after tax (but unfunded) NPV5 value of US$434 million, or US$4.43/share, risked for Resource confidence.
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Egan Street Resources Limited (ASX: EGA) - High Margin, High Grade Gold - Working Towards DFS - WA
Tuesday, January 30, 2018
We have completed a valuation for EganStreet, with this resulting in a risked base case Company valuation/price target of A$61 million, or A$0.44/share, on a share base diluted for option conversions and which uses a conceptual funding model for Rothsay. We see considerable upside in this (our unrisked valuation is A$144 million, or A$1.04/share) and would expect this to increase with positive results from ongoing work and de-risking as the Project advances.
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