Whist I like the no debt, and the ~$270m of liquid assets, I think this is looking fairly priced, and probably not undervalued at current uranium prices.
With AIC at ~$32US. and lets use current Uranium prices of $82USD/lb. That gives a margin of $50USD/lb. with the current exchange rate gives profits around $65m AUD. Minus eventual taxes (I haven't looked into it but I imagine they can offset some profits for a while), capex, etc etc. I havent added texas numbers because I dont know what production guidance and sales and costs are like for FY25, but FY26 I think is 30% stake of 1,5m lbs. So, just for hypotheticals, lets add 50% on for Texas ops. That gives about ~$100m profit (then minus taxes, capex, other costs etc). I think being generous and saying NPAT of $65m AUD between the two operations.
Puts BOE on roughly 25x FY 25 earnings?
I think thats pretty expensive for a mining operation?
I dont know, please correct me where I've made rough guesses.
BOE Price at posting:
$3.59 Sentiment: None Disclosure: Not Held
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