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Gold/Mining/Energy : ABER RESOURCES
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To: George J. Tromp who wrote ()7/29/1998 12:48:00 PM
From: Andras  Read Replies (1) of 2006
 
Lates comment by David James of Cannacord:

1) The stock is trading below our estimate of net present value (5%
discount; after-tax), which we see in the C$/mid-teens.ÿ Our base case
uses a $0.70 exchange rate, but a $0.05 lower assumption over the mine
life enhances the value by about C$1/share, or almost C$50M-perhaps a
mute point.

2) Projected earnings per share of C$2 (after-tax) and a 15X multiple
suggest a C$30 share price.

3) Aber is one of only 2-3 institutional grade diamond stocks in
Canadian markets.ÿ We believe that when(?) funds flow back to the
resource sector, Aber will be a first priority target.ÿ Dia Met (DMM.B
22.50) is an equally strong medium-term recommendation.

Happy investing,

Andras
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