BELLEVUE GOLD LIMITED (BGL)
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BGL

BGL - BELLEVUE GOLD LIMITED

FNArena Sector : Gold & Silver
Year End: June
GICS Industry Group : Materials
Debt/EBITDA: 2.73
Index: ASX200 | ASX300 | ALL-ORDS

Bellevue Gold is an Australian gold producer. It is currently advancing the historic Bellevue gold mine in Western Australia, finding several new high grade lodes. The company listed on the ASX in 2005.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$0.92

02 Jul
2025

-0.015

OPEN

$0.94

-1.60%

HIGH

$0.95

7,491,062

LOW

$0.91

TARGET
$1.338 45.4% upside
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FNARENA'S MARKET CONSENSUS FORECASTS
BGL: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 6.5 4.3 xxx
DPS (cps) xxx 0.0 0.0 xxx
EPS Growth xxx N/A - 33.5% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 21.5 xxx
Dividend Yield xxx N/A 0.0% xxx
Div Pay Ratio(%) xxx N/A N/A xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 27/08 - (franking Ex-Di

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx6.5
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx298.4 M
Book Value Per Share xxxxxxxxxxxxxxx47.6
Net Operating Cash Flow xxxxxxxxxxxxxxx114.0 M
Net Profit Margin xxxxxxxxxxxxxxx25.27 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx15.28 %
Return on Invested Capital xxxxxxxxxxxxxxx11.08 %
Return on Assets xxxxxxxxxxxxxxx9.17 %
Return on Equity xxxxxxxxxxxxxxx15.28 %
Return on Total Capital xxxxxxxxxxxxxxx11.42 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-95.6 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx58 M
Long Term Debt xxxxxxxxxxxxxxx250 M
Total Debt xxxxxxxxxxxxxxx308 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx49 M
Price To Book Value xxxxxxxxxxxxxxx3.75

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx210.6 M
Capex % of Sales xxxxxxxxxxxxxxx70.57 %
Cost of Goods Sold xxxxxxxxxxxxxxx200 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx17 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx0 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.8

No. Of Recommendations

4
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Ord Minnett

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Bell Potter

16/04/2025

1

Upgrade to Buy from Hold

$1.15

25.00%

The rating is upgraded to Buy from Hold for Bellevue Gold by Bell Potter with a target price of $1.15. 

Funds of $110.5m from the raise will be used to close 46koz of forward gold sales to the end of 2025, and the balance will increase cash on the balance sheet.

The broker sees upside from the 85c level driven by a de-risked plan supporting delivery of guidance, the potential for a near-term M&A premium. Over the longer-term, further gains are expected from exploration success, mine life extension, and renewed focus on growth.

Management has commenced a Strategic Review to evaluate all avenues for maximising shareholder value, noting past receipt of unsolicited approaches for a change of control transaction.

FORECAST
Bell Potter forecasts a full year FY25 dividend of 0.00 cents and EPS of 4.60 cents.
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of 7.70 cents.

UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

3

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Moelis

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Canaccord Genuity

19/05/2025

1

Speculative Buy

$1.50

63.04%

After a period of research restriction, Canaccord Genuity resumed coverage of Bellevue Gold with Speculative Buy rating.

Following a weak March quarter production of 25koz due to lower grades, the company issued a revised mine plan to replace the previous 5-year plan.

The downgraded FY25 production forecast of 129-134koz is expected to increase to 150koz in FY26, with FY27-29 now targeted at 190kozpa vs FY27-29 of 220-250kozpa before.

The company recently undertook a $156.5m share placement, and has launched a strategic review, stating also that it has received an unsolicited interest.

The broker incorporated lower production and higher cost estimates into its forecasts. Target price $1.50.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.00 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 10.00 cents.

Jarden

xx/xx/xxxx

4

xxxxxxxxxxx

$xx.xx

xx.xx%

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