Target $0.54, page-3

And here's what Morningstar say,

"We reduce our AWE fair value estimate to AUD 0.75 from AUD 0.80 due to a fully underwritten AUD 38 million institutional placement under the 15% rule, and an associated AUD 10 million share purchase plan, or SPP. The AUD 0.50 issue price is at a sharp discount to fair value and approximately 5% dilutionary to it. But the discount also means we recommend retail shareholders take up their SPP entitlements to avoid much if not all the dilutionary impact."

Frankly, I never rely on any of these broker notes. Their views are coloured by many other things. Rarely, if ever, do they have the interests of the little guy foremost in their minds when they publish their gobbledegook.

So based on this - Morningstar value AWE at a 50% premium to UBS - and they tell me they are experts.

No thanks! I would be better served by reading the tea leaves! In fact, I think that some of the very good posters on HC have a better idea.