RE: TDW - B UYTDW has a $16 target price. Here is the conclusion and Valuation part of their report:
Investment Conclusion
This expansion, although it only has a small impact (21,000 ounces of production a year starting in 2009) on IAMGOLD,is just another piece to the puzzle. IAMGOLD is now a geographicaly diversified company with
operations in 6 countries and development projects in three others. We believe this diversity and their strong exploration focus wil allow them to grow rapidly in the years ahead. We recommend IAMGOLD as our top pick curently for their solid production profile (exhibit 2) and exploration and development project potential.
Valuation
Trading at 1.3 x NAV IAMGOLD offers exceptional value in our mind compared to its mid tier peers which trade onaverage over 1.6 x NAV.