Ann: Accelerating Simberi Sulphide Expansion, page-18

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Wednesday, 6 November 2024

SBM - ST. BARBARA LIMITED

Macquarie rates SBM as Upgrade to Outperform from Neutral (1) - Macquarie observes St. Barbara is raising $100m at 38c per share, with the proceeds expected to be used for the development of the Simberi Sulphide Project.

Management aims for first gold production at the project in the first quarter of FY28, with expected capex of US$258m, while the broker estimates US$300m.

Following the -22% decline in the share price, the stock is upgraded to Outperform from Neutral.

The target price remains at 49c.

Target price is $0.49 Current Price is $0.34 Difference: $0.15 If SBM meets the Macquarie target it will return approximately 44% (excluding dividends, fees and charges). The company's fiscal year ends in June.

Forecast for FY25:

Macquarie forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.80 cents . At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 42.50.

Forecast for FY26:

Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 4.70 cents . At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.23.

Market Sentiment: 0.5All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources