BLACK CAT SYNDICATE LIMITED (BC8)
Share Price Analysis and Chart

04/08/2026

1

Buy

$1.60

42.86%

According to Ord Minnett, Black Cat Syndicate announced a mixed June quarter update. Paulson's had record gold production but Kal East generated lower volumes due to the shift to the Fingals and Majestic mines, the analyst states.

Management has deferred FY27 guidance to the FY26 result in August with the growth strategy under review.

EPS forecasts are raised by 6.9% for FY26. Lower production volumes assumptions from a slower ramp up to higher grades results in EPS forecasts for FY27 cut by -19.2% and FY28 by -9.3%.

No change in Buy rating and $1.60 target price.

FORECAST
Ord Minnett forecasts a full year FY27 EPS of 0.13 cents.

02/09/2026

1

Buy

$1.60

42.86%

Moelis maintains a Buy rating for Black Cat Syndicate with a $1.60 target price following an FY26 result featuring an adjusted NPAT of $85.2m.

The profit fell -13% short of the broker's estimates due to lower-than-expected revenue of $374.3m, driven by accounting complexities surrounding toll treatment recognition.

Operating cash flow also missed expectations at $225.4m, offset by lower capital and investing cash outflows.

According to the analyst, the delayed release of the FY27 outlook may create a near-term overhang on the share price until published later in September.

Commentary concludes Black Cat retains a strong financial position, holding nearly $74m in cash and $32m in bullion with zero debt, while trading on inexpensive valuation multiples ahead of a planned production ramp-up at the Kal East operation.

FORECAST
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 26.60 cents.
Moelis forecasts a full year FY28 dividend of 0.00 cents and EPS of 37.10 cents.