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

$1.155

24 Mar
2025

-0.170

OPEN

$1.30

-12.83%

HIGH

$1.30

20,046,217

LOW

$1.16

TARGET
$1.738 50.4% 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 6.7 xxx
DPS (cps) xxx 0.0 0.0 xxx
EPS Growth xxx N/A 2.2% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 17.3 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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UBS

03/03/2025

1

Buy

$1.90

64.50%

First half result from Bellevue Gold revealed net profit of $12m. With no debt due until 2027, UBS notes the focus is on the ramp up of the mine.

If the company can reach second half guidance of 90,000 ounces at AISC of $1850/oz the broker asserts this will be one of the few Australian gold miners producing below the $2000/oz mark.

Bellevue Gold will then exit FY25 with more than a 200,000 ozpa run rate. Target is $1.90. Buy retained.

FORECAST
UBS forecasts a full year FY25 dividend of 0.00 cents and EPS of 6.00 cents.
UBS forecasts a full year FY26 dividend of 0.00 cents and EPS of 17.00 cents.

Bell Potter

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

4

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

Canaccord Genuity

xx/xx/xxxx

1

xxxxxxxxxxx xxx

$xx.xx

xx.xx%

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Jarden

xx/xx/xxxx

4

xxxxxxxxxxx

$xx.xx

xx.xx%

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Moelis

06/03/2025

3

Hold

$1.20

3.90%

Moelis notes 1H25 was a transitional period for Bellevue Gold as it moves to steady-state operations. This was reflected in the mixed result for 1H where EBITDA beat consensus but there was a big miss at D&A and interest expense lines.

The broker forecasts a significant jump in 2H EBITDA, a sequential rise of 80% over 1H on stage 1 plant expansion. The analyst expects free cash flow to take time, forecasting it around mid-FY28.

Target price of $1.2 and Hold rating are unchanged. 

FORECAST
Moelis forecasts a full year FY25 EPS of 5.70 cents.
Moelis forecasts a full year FY26 EPS of 12.10 cents.

Goldman Sachs

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
Australian Broker Call *Extra* Edition – Mar 10, 2025

Mar 10 2025 - Daily Market Reports
2
Weekly Ratings, Targets, Forecast Changes – 07-03-25

Mar 10 2025 - Weekly Reports
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Australian Broker Call *Extra* Edition – Mar 06, 2025

Mar 06 2025 - Daily Market Reports
4
FNArena Corporate Results Monitor – 03-03-2025

Mar 03 2025 - Australia
5
Weekly Ratings, Targets, Forecast Changes – 21-02-25

Feb 24 2025 - Weekly Reports

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