We downgrade to HOLD (prior BUY) only partly due to large cash flow model misses during ramp-up requiring another dilutionary equity raise. The bigger reason is because of the impact of higher ongoing costs (not simply a timing issue) on our valuation.
To access the full report please log in under the Client Area at the bottom of this page.
Argonaut’s Client Area allows you to view delayed share prices, access Argonaut’s wealth of Research as well as create custom portfolios and set up company watch lists.
If you would like to access our research please contact us to create an account.