bell potter initiate coverage, page-7

Does anyone have a link to the bell potter report? I've checked the IOH website but could not find it there and i'm not sure how long it will take them to add it.

I'd be interested to see what risk weighting they are applying to their evaluation. While the royalty option on IV does not add the same value as the 25% free carry JV option they had suggested (20/12/11) might be available, it does begin to de-risk the companies other assets (sets a value precedent and allows for more patience and negotiating power) particularly Bungaroo South.

The 12 month price target does seem low but it may just be a function of the recent weakness in IO prices and the never ending european debt crisis.