Ann: Q1 2019 Interim Update, page-85

SYR - SYRAH RESOURCES LIMITED Credit Suisse rates SYR as Outperform (1) - Syrah Resources has downgraded its March quarter graphite price to US$460-470/t from prior guidance of US$500-600/t provided in January.The lower price realisation is attributed to mix and a faster-than-expected close of lower-priced historical 2018 contracts.Credit Suisse maintains an Outperform rating and reduces the target to $3.50 from $4.05.Target price is $3.50 Current Price is $1.08 Difference: $2.42 If SYR meets the Credit Suisse target it will return approximately 224% (excluding dividends, fees and charges). Current consensus price target is $2.52, suggesting upside of 133.3%(ex-dividends)The company's fiscal year ends in December.Forecast for FY18:Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 6.23 cents .At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 17.32. How do these forecasts compare to market consensus projections?Current consensus EPS estimate is -7.0, implying annual growth of N/A.Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.Current consensus EPS estimate suggests the PER is N/A.Forecast for FY19:Credit Suisse forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 6.39 cents .At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 16.89. How do these forecasts compare to market consensus projections?Current consensus EPS estimate is -3.3, implying annual growth of N/A.Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.Current consensus EPS estimate suggests the PER is N/A.This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.Market Sentiment: 0.6All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources