External broker reports(aggregated public sources), Euroz Limited

Euroz Hartleys

A Western Australian diversified financial services company focused on providing financial services solutions to Institutional, Corporate & Private Clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Euroz Limited

Equity Bottom-Up

<ul><li>Recognising improving market conditions, we have incorporated a valuation of a conceptual second-stage Paducah Laser Enrichment Facility (PLEF-2) to enrich natural grade (0.7% U235) UF6 output from the PLEF-1 to enriched uranium product.</li><li>Our nominal PLEF-2 valuation assumes annual SWU capacity of 2 million SWU/yr and an avg. product assay of ~5% U235, reflective of the view that longer-dated domestic U.S. LEU requirements will more than underpin the second-stage opportunity at Paducah.</li><li>On our estimates, the PLEF-2 is capable of generating consolidated EBITDA of A$240m p.a. assuming an avg. LT SWU contract price of US$150/SWU (currently US$130/SWU) at assumed EBITDA margins of 60% for a risk-adjusted attributable NPV10% valuation of A$150m.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Recognising improving market conditions, we have incorporated a valuation of a conceptual second-stage Paducah Laser Enrichment Facility (PLEF-2) to enrich natural grade (0.7% U235) UF6 output from the PLEF-1 to enriched uranium product.Our nominal PLEF-2 valuation assumes annual SWU capacity of 2 million SWU/yr and an avg. product assay of ~5% U235, reflective of the view that longer-dated domestic U.S. LEU requirements will more than underpin the second-stage opportunity at Paducah.On our estimates, the PLEF-2 is capable of generating consolidated EBITDA of A$240m p.a. assuming an avg. LT SWU contract price of US$150/SWU (currently US$130/SWU) at assumed EBITDA margins of 60% for a risk-adjusted attributable NPV10% valuation of A$150m.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Silex Systems Ltd (SLX $3.29) - Speculative Buy