Ann: Regis Corporate Presentation - September 2017, page-17

Both morgan and morningstar are downramping the price perhaps to get it cheaper while not evaluating the upside of Mcphillamys and Moolart well. Here is the abbr entry with a bull case of $4.30. The base case is what I stated before

MS:
Methodology:
Our base case valuation is determined using life-of-mine discounted cash
flow (DCF) analysis and assumes a WACC of 9.2% (beta 1.10x, CoD of 7.0x, and CoE of
11.1%).

Bull case (A$4.30/sh), assume bull commodity and currency forecasts,
greater production from higher efficiencies, and lower costs.

Upside risks to achieving price target:
Upside risks include significant resource extensions at Moolart Well and resource upgrades at McPhillamys,
gold price strength beyond our base case expectations, and further accretive transactions completed.