I haven't got the robustness or confidence with my NST model that i do with EVN to be honest. The Hemi deal has really stuffed it all up a bit, But I loosely align with those numbers, although sit slightly higher. Depending what assumptions are used for depreciation and similar as well.
I'm waiting for FY26 guidance to come out and ill sit down again with some fresh eyes. As I'm sure you are aware anyway, but for me NST is going through a very capital intensive few years with the real jewel in a few years once KCGM (and now Hemi) is complete.
The extra dilution from acquiring DEG makes the front end numbers look a bit ordinary, but with the additional growth look attractive on a forward basis.
The hedges rolling off in FY28 is just amazing, i know its only a third of production, but it makes a pretty big difference too.
NST Price at posting:
$19.80 Sentiment: Buy Disclosure: Held
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