Equity Research Coverage Reports

Hexagon Resources Limited (ASX: HXG) - Quality Flake Graphite - Suitable for High Revenue Niche Markets.
Monday, May 14, 2018
We have updated our valuation for Hexagon, taking into account the MinRes earn-in deal. This results in a base case risked after tax Company valuation of A$271 million or A$0.93/share. Dependent upon a future decision to mine, the entry of MinRes significantly de-risks the Project for Hexagon, with no need for the Company to source project financing, and also raises the possibility of significant cash flows
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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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