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Monday, 25 March 2024

CVN - CARNARVON ENERGY LIMITED

Macquarie rates CVN as Outperform (1) - Macquarie expects an update in coming months from Carnarvon Energy on the 20%-owned Dorado project as 80%-owner Santos ((STO)) is targeting a final investment decision (FID) in 2024.

The analysts also highlights management and the board now appear more focused on value preservation and achieving optimal value outcomes for its Bedout basin interest.

The Outperform rating is kept and the target price increases to 28c from 25c after the broker reviewed Dorado project cash flows.

Target price is $0.28 Current Price is $0.19 Difference: $0.09 If CVN meets the Macquarie target it will return approximately 47% (excluding dividends, fees and charges). The company's fiscal year ends in June.

Forecast for FY24:

Macquarie forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.20 cents . At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 95.00.

Forecast for FY25:

Macquarie forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.20 cents . At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 95.00.

Market Sentiment: 1.0All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources