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Tietto Minerals given 48.1 cent price target by Hartleys

The broker described the company as a speculative buy and valued its securities at 36.8 cents a share.

Tietto Minerals Ltd - Tietto Minerals given a 48.1 cent price target by Hartleys
Gold has rocketed to A$2,253.93 an ounce

Tietto Minerals Ltd (ASX:TIE) securities have been independently revalued by research outfit Hartleys Limited at 72% more than current price levels in the wake of continued gold price strength.

The broker and research outfit released an updated valuation of the Australian exploration company yesterday, based on updated gold price assumptions. 

The gold price was at US$1,532.45 ($2,253.93) an ounce on Tuesday before the broker’s update. 

Hartleys valued shares at 36.8 cents each after they closed Monday at 21.5 cents. 

The broker updated its valuations for 22 Australian-listed gold companies yesterday, also releasing 12-month price targets for its selection. 

In its analysis, Hartleys named a 12-month target of 48.1 cents a share for Tietto securities. 

Hartleys analyst Paul Howard judged Tietto a speculative buy.

Enterprise value of $90 million

Tietto’s cash holdings of $8.8 million were highlighted in the Hartleys analysis which gave the explorer a fully diluted capitalisation of $81 million, compared to a $60 million ordinary valuation.

The enterprise value was put at $90 million, with 272.4 million of issued capital and 98 million options in circulation. 

Issued capital was $370 million, fully diluted, a figure that came in at $726.5 million once options and new capital were added. 

Hartleys is a corporate advisor to Tietto and completed a capital raising for Tietto in the past 12 months. 

Tietto raised up to $7 million with its capital raising drive to focus on its flagship Abujar Gold Project in Côte d’Ivoire, West Africa. 

A drilling program has been underway at the project, which has a current estimate of 15.7 million tonnes at 2.1 g/t gold for 1.06 million ounces. 

The company was to host analysts at the site last month. 

Tietto securities were at 22 cents this morning.

Quick facts: Tietto Minerals Ltd

Price: 0.295 AUD

ASX:TIE
Market: ASX
Market Cap: $80.4 m
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