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Gold/Mining/Energy : SOUTHERNERA (t.SUF)
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To: Claude Cormier who wrote (3039)4/21/1999 11:55:00 AM
From: marcos  Read Replies (3) of 7235
 
He was ballyhooing wim at several dozen thousand percent above its current level.
But he's gotten a few right as well ... here's some bits from his piece today -

"We view the acquisition as presented as a viable and positive addition that could complement SouthernEra's existing ...
[...]
In terms of the valuation of the asset in Southernera, we need to know what SouthernEra's ultimate interest in the project will be; a range of 54% to 100% remains possible. We also need to know the cost and financing method for this acquisition by suf, which also has a significant range of US10mil to US20mil depending on the ultimate interest suf is able to acquire. Suf does not have adequate funds on hand to complete the purchase, but likely has access to capital from lending sources. suf would also likely have to arrange for additional financing to fund its share of capital required to construct the Messina platinum mine.

At this point in time, we are using a valuation of C$2.42 per suf share for the Messina acquisition...
[...]
Adding our Messina valuation of 2.42/sh to our current valuation of 5.88 for suf's diamond assets generates a price objective of 8.30 .... we are therefore upgrading suf from neutral to accumulate in both intermediate and longer terms."

Took some liberties with the typing there, can't copy and paste from those adobe files when they use two columns ... there are some great tables, anybody who has a friend with a Midland account should get the file passed to them ..... quite an extensive detailed writeup on Messina ..... cheers
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