RBC Comments - $2 Speculative RiskSam Crittenden of RBC has commented on Trevali's earnings report.
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VALUATION.
Our target price of $2 supports our Sector Perform, Speculative Risk rating. Our price target is based on a 50/50 weighting of 1.0x our NAVPS estimate and 4.0x our 2022 EBITDA multiples are in line with producing peers. We assign a Speculative Risk qualifier as the company will require additional capital and/or debt refinancing.