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

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.

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

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.

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.