Hope this is useful:All consensus data are updated until...

Hope this is useful:

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

SFR SANDFIRE RESOURCES NL

Overnight Price: $7.26

Canaccord Genuity rates ((SFR)) as Buy (1) -

March quarter copper production was 3% higher quarter-on-quarter than expected though gold production was -6% lower. C1 cash costs of US$0.87/lb beat the US$0.93/lb estimate on higher gold credits.

The broker highlights the quarter finished with cash of $464m versus a forecast for $411m, due to higher shipments after a build in copper concentrate over the first two quarters. It's believed the company is financed to deliver the Tshukudu project without debt.

The Buy rating and $8.50 target are retained.

This report was published on April 28, 2021.

Target price is $8.50 Current Price is $7.26 Difference: $1.24
If SFR meets the Canaccord Genuity target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $7.31, suggesting upside of 0.7%(ex-dividends)

Forecast for FY21:

Current consensus EPS estimate is 104.0, implying annual growth of 142.5%.
Current consensus DPS estimate is 35.1, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 7.0.

Forecast for FY22:

Current consensus EPS estimate is 94.3, implying annual growth of -9.3%.
Current consensus DPS estimate is 27.4, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 7.7.

Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Goldman Sachs rates ((SFR)) as Buy (1) -

Sandfire Resources reported a 3% lift in copper production for the March quarter to 16.8kt on higher head grades from the Degrussa and Monty underground mines.

March quarter results also included 6% decline in gold production to 9.1kt on lower head grade, and a decline in cash costs to US87c/lb net credits.

FY21 guidance is unchanged but copper and gold production are expected to be at the top of the range and costs at the bottom.

Of note was the Botswana/T3 project which is progressing with initial clearing/groundwork ongoing, with the mining license expected in June quarter. First production remains for third quarter of 2023. Goldman Sachs had assumed mid 2023, but has pushed this back to the fourth quarter to take into account possible delays due to labour availability associated with covid.

The broker revises the FY21 EPS forecast up 41% on higher sales volumes, lower costs, and provisional pricing tailwinds in FY21. But FY22-23 EPS estimates are lower -2%, and -50% respectively after pushing back first production from T3-Motheo project by three months.

Buy rating is retained, target price increases to $7.90 from $7.60.

This report was published on April 28, 2021.

Target price is $7.90 Current Price is $7.26 Difference: $0.64
If SFR meets the Goldman Sachs target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $7.31, suggesting upside of 0.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 27.90 cents and EPS of 134.00 cents.
At the last closing share price the estimated dividend yield is 3.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 104.0, implying annual growth of 142.5%.
Current consensus DPS estimate is 35.1, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 7.0.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 31.10 cents and EPS of 156.00 cents.
At the last closing share price the estimated dividend yield is 4.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 94.3, implying annual growth of -9.3%.
Current consensus DPS estimate is 27.4, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 7.7.

Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Shaw and Partners rates ((SFR)) as Buy (1) -

Sandfire Resources reported a softer March quarter, but this was in line with broker forecasts. The company confirmed production was on track to meet the higher end of FY21 guidance of 67-70,000 tonnes copper and 36-40,000 ounces gold.

Total copper production of 16,803 tonnes was marginally up on the previous quarter, while total gold production of 9,100 ounces was down on the previous quarters 9,660 ounces.Cash on hand at the end of the quarter equaled $463.6m, equating a $130m cash build during the quarter.

Sandfire is aiming for the Botswana project to begin copper production in the third quarter, with expectations of 30,000 tonnes per annum over 12.5 years. Maiden resource from the DeGrussa project is also expected to be delivered during the June quarter.

Shaw and Partners give a rating of Buy and a target price of $8.40.

This report was published April 29, 2021.

Target price is $8.40 Current Price is $7.26 Difference: $1.14
If SFR meets the Shaw and Partners target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $7.31, suggesting upside of 0.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 17.20 cents and EPS of 85.80 cents.
At the last closing share price the estimated dividend yield is 2.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 104.0, implying annual growth of 142.5%.
Current consensus DPS estimate is 35.1, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 7.0.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 18.30 cents and EPS of 91.30 cents.
At the last closing share price the estimated dividend yield is 2.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 94.3, implying annual growth of -9.3%.
Current consensus DPS estimate is 27.4, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 7.7.

Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources