RE: Canaccord On SSL Today Here's the important part of their valuation:
"however, with a current valuation of 12.3x 2014E CFPS and 1.30x P/NAV (5%, spot), we view the shares as fully valued based on its current streams."
I would agree SSL is fully valued based on current streams however this is basically saying Canaccord has not given any value for future streams. When SSL signs new stream agreeements Canaccord will have to raise their target price. As I have great confidence more streams will be signed that makes this good value right now. If the market is truly forward looking SSL will do well. I know the market really likes Nolan and David so I expect a management premium as well which is not mentioned at all by Canaccord. I think as time goes by we will care less and less what the Canaccords of the world think about this stock. It's what the bigger players down south are thinking that will matter more.