BANNERMAN ENERGY LIMITED (BMN)
Share Price Analysis and Chart

17/03/2026

1

Outperform

$5.55

67.17%

Macquarie retains an Outperform rating on Bannerman Energy with a slightly lower target of $5.55 from $5.60 previously.

EPS forecasts are lifted by 41% for FY26 on the back of higher other income, with only minor upgrades for FY27 onwards.

With the introduction of China National Nuclear Corporation (CNNC) to the Etango project, the broker views this as a major de-risking event and the offtake agreement seems to be the most robust in the marketplace, with market based pricing, no ceiling and accelerated payment terms.

Bannerman and Deep Yellow ((DYL)) are the broker's top picks for uranium developers.

FORECAST
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -1.70 cents.
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -1.10 cents.

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19/02/2026

1

Buy, High Risk

$6.50

95.78%

Shaw and Partners raises its price target for Bannerman Energy to $6.50 from $4.70 and retains a Buy, High Risk rating following a higher uranium price forecast. 

Also supportive of the higher target is the de-risking of Etango, suggest the analysts, via a -45% selldown to China National Nuclear Corporation (CNNC).

CNNC will invest -US$294.5m into the joint venture and pay -US$27m to Bannerman, alongside a 60% offtake agreement. This outcome materially reduces funding risk ahead of targeted 2028 production, in the broker's view.

Shaw upgrades its uranium price forecasts to US$175/lb in 2027 from US$150/lb and to US$200/lb in 2028 from US$150/lb. The long-term price assumption is raised to US$120/lb from US$90/lb from 2032.

FORECAST
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -3.40 cents.
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -1.20 cents.