[ATTACH] Hartelys 12 month price target is 38c using risk...

Hartelys 12 month price target is 38c using risk weighed composite as seen below.
Heavily weighted to the base case scenario with other scenarios thrown in to weigh it down too.

If you expect spodumene prices and usd/aud fx to stay similar to where they are now over the next 12 months and there is no further dilution and no major unforeseen events then that gives a 12 month target from Hartleys of 67c which looks to me from Heemans spot chart is still using a X3.3 multiple, which seems too low if the company performs well. Thats with costs at $US457 for FY20, 290 ktpa spod and 380k pounds TA