Deutsche Bank has a “buy" recommendation on Beadell Resources on valuation and has kept its 75¢ a share 12-month price target unchanged after the gold producer reported calendar year 2013 net profit after tax up on revenue and deferred tax benefits.

“BDR has reported a CY13 NPAT of $114 million, ahead of Deutsche Bank expectations of $99 million due to higher revenue (+$9 million over DB estimate, from bullion awaiting settlement) and a $23 million deferred tax benefit recorded in the P&L (we had assumed $12 million). The company still holds $18 million in deferred tax assets, which we expect will be used to shield cash tax in CY14.