Ann: Quarterly Report for December 2023 Quarter, page-40

Just got this in an email today...Wed, 31 Jan at 9:22 am

Wednesday, 31 January 2024

29M - 29METALS LIMITED

Macquarie rates 29M as Outperform (1) - 29Metals' Dec Q copper production was -20% below Macquarie's estimate and zinc -11% lower. Maiden 2024 copper and zinc production guidance also fell a little short.

The broker has cut near-term earnings forecasts but lifted medium-term due to uplifts in mining grades at Golden Grove.

Target falls to 70c from 80c, Outperform retained.

Target price is $0.70 Current Price is $0.42 Difference: $0.28 If 29M meets the Macquarie target it will return approximately 67% (excluding dividends, fees and charges). Current consensus price target is $0.72, suggesting upside of 70.6%(ex-dividends)The company's fiscal year ends in December.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 14.10 cents . At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.98. How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -17.0, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY24:

Macquarie forecasts a full year FY24 dividend of 0.00 cents and EPS of 2.30 cents . At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.26. How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.2, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A.

Market Sentiment: 0.7All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources