Raymond James - 10/10/'12
Recommendation : We maintain our Strong Buy rating and C$ 22.00 target price. We continue to view Lumina as a potential acquisition candidate, as it is the sole owner of a significant copper deposit with good access to infrastructure in a mining-friendly province of Argentina.
Valuation : Lumina is currently tranding at a P/NAV of 0,14x, in-line with our base metal developer peer group average. Our target price of C$ 22.00 is based on a 0,35x multiple applied to our NAV/share of C$ 64.34 (previously C$ 63.52; in line with risk and liquidity adjusted historic developer multiples).