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: 1.42
Index: ASX200 | ASX300 | ALL-ORDS

Bellevue Gold is an Australian gold producer operating the Bellevue Gold Mine in Western Australia, one of Australia’s high-grade gold mines. It listed on the ASX in 2005.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$1.59

24 Sep
2026

-0.050

OPEN

$1.60

-3.05%

HIGH

$1.64

5,485,694

LOW

$1.58

TARGET
$1.883 18.4% upside
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FNARENA'S MARKET CONSENSUS FORECASTS
BGL: 1
Title FY25
Actual		 FY26
Actual		 FY27
Forecast		 FY28
Forecast
EPS (cps) xxx 0.5 16.1 xxx
DPS (cps) xxx 0.0 4.0 xxx
EPS Growth xxx N/A 100.0% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 9.9 xxx
Dividend Yield xxx N/A 2.5% xxx
Div Pay Ratio(%) xxx N/A 24.8% 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-Div. 1c )

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202120222023202420252026
EPS Basic xxxxxxxxxxxxxxx0.5
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx576.3 M
Book Value Per Share xxxxxxxxxxxxxxx56.2
Net Operating Cash Flow xxxxxxxxxxxxxxx245.6 M
Net Profit Margin xxxxxxxxxxxxxxx1.23 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202120222023202420252026
Return on Capital Employed xxxxxxxxxxxxxxx0.86 %
Return on Invested Capital xxxxxxxxxxxxxxx0.62 %
Return on Assets xxxxxxxxxxxxxxx0.48 %
Return on Equity xxxxxxxxxxxxxxx0.86 %
Return on Total Capital xxxxxxxxxxxxxxx2.69 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx70.2 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 202120222023202420252026
Short-Term Debt xxxxxxxxxxxxxxx57 M
Long Term Debt xxxxxxxxxxxxxxx280 M
Total Debt xxxxxxxxxxxxxxx337 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx195 M
Price To Book Value xxxxxxxxxxxxxxx2.16

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202120222023202420252026
Capex xxxxxxxxxxxxxxx176.4 M
Capex % of Sales xxxxxxxxxxxxxxx30.62 %
Cost of Goods Sold xxxxxxxxxxxxxxx523 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx22 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

1.0

No. Of Recommendations

2
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Macquarie

04/09/2026

1

Outperform

$1.70

6.92%

Macquarie estimates gold equities under its coverage are pricing in an average gold price of around US$3,400/oz, some -23% below the prevailing spot price of US$4,435/oz.

The sector trades at around 7.0x FY27 EV/EBITDA using the broker's US$4,200/oz gold price forecast, falling to 6.4x at spot prices.

Macquarie retains Newmont Corp as its preferred major gold exposure.

Bellevue Gold and Westgold Resources are now preferred amongst the mid-caps.

Commentary notes an undemanding valuation for Bellevue, trading at 4.4x FY27 EV/EBITDA with a 13% free cash flow (FCF) yield. The balance sheet is also expected to move to net cash in 2H27.

Outperform rating for Bellevue Gold with a $1.70 target.

FORECAST
Macquarie forecasts a full year FY27 dividend of 4.00 cents and EPS of 16.10 cents.
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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

1

xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Jarden

24/09/2026

2

Overweight

$1.80

13.21%

Jarden maintains an Overweight rating for Bellevue Gold with a $1.80 target price following an in-line FY26 result featuring EBITDA of $237m, beating consensus by 6%.

Free cash flow improved to $50m, with FY27 levels forecast to lift materially to approximately $204m on higher production and spot gold sales.

The analyst trims the September quarter production forecast to 35koz due to a slower contractor transition, revising FY27 all-in sustaining costs higher to $2,888 per ounce.

While FY26 ore reserves and mineral resources declined, commentary suggests the upcoming FY27 drilling program will renew focus on resource definition and extensional exploration.

Jarden views the stock as offering significant exploration potential and corporate appeal within a consolidating sector, supported by short-term valuation metrics including an 8% to 21% free cash flow yield across FY27 to FY30.

Canaccord Genuity

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Access Extra Coverage Research History >

BGL STOCK CHART

FNArena News on BGL

1
In Brief: L1 Group, Storage King & Bellevue Gold

10:00 AM - Weekly Reports
2
Australian Broker Call *Extra* Edition – Sep 24, 2026

Sep 24 2026 - Daily Market Reports
3
Australian Broker Call *Extra* Edition – Sep 23, 2026

Sep 23 2026 - Daily Market Reports
4
Next Week At A Glance – 7-11 Sep 2026

Sep 04 2026 - Weekly Reports
5
Australian Broker Call *Extra* Edition – Aug 03, 2026

Aug 03 2026 - Daily Market Reports

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