Yeah more than likely, and I wouldn't expect to hit 20c any time...

Yeah more than likely, and I wouldn't expect to hit 20c any time soon. Broker targets are usually fairly useless but some of the information contained in them can be handy to feed into ones own assessment.

I liked the below graphic. Based on base case commodities model we are trading at 57% of NAV, on spot prices we are trading at 37% of NAV. For those bullish Cu/Ni it means we are trading even lower.

Not sure why OZL isn't on this chart but the thing it shows is that the majors are trading fairly close to NAV +/- small variances. This shows why it is key for them to be investing in projects lower down the curve that they can extract increased value out of by dragging them up towards NAV.