PINL:VLTAF - Post by User
Post by
eebleron Oct 19, 2010 10:54am
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Post# 17581754
ScotiaMcleod Writeup
ScotiaMcleod WriteupFor those that have Scotia accounts, ScotiaMcleod has initiated coverage of VTR with a "1-Sector Outperform" rating and a 1-year price target of 2.75, and has written a piece called "A Mine in the Making" in today's Canadian Daily Edge report. I can't copy/paste because of restrictions, but the essence is that they expect full ramp-up by 2015 with LOM production of around 170k ozs per year out of Kiaka. Lots of upside potential acknowledged around Kiaka with high leverage to POG, They believe NAV is 2.21 per share, so VTR is trading at 24% discount to NAV (or .76x NAV), which is lower than its peers. Of longer term interest is that they estimate probable share float needed to fund development to production will put total share count around 222m by the time all is said and done. They also include Gaoua in the valuation and for future reference it is worthwhile knowing that they compare it might closely to Antares.
eebler