CAPRICORN METALS LIMITED (CMM)
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CMM

CMM - CAPRICORN METALS LIMITED

FNArena Sector : Gold & Silver
Year End: June
GICS Industry Group : Materials
Debt/EBITDA: 0.5
Index: ASX200 | ASX300 | ALL-ORDS

Capricorn Metals is an Australian gold explorer and developer. Formerly listed as Malagasy Minerals in 2008, the company changed name in 2016 and is now focussed on its Karlawinda project in Western Australia.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$7.94

20 Feb
2025

0.040

OPEN

$7.87

0.51%

HIGH

$7.99

840,873

LOW

$7.83

TARGET
$7.747 -2.4% downside
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FNARENA'S MARKET CONSENSUS FORECASTS
CMM: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 23.1 40.3 xxx
DPS (cps) xxx 0.0 0.0 xxx
EPS Growth xxx 100.0% 74.0% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 19.7 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
HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx23.1
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx359.7 M
Book Value Per Share xxxxxxxxxxxxxxx81.9
Net Operating Cash Flow xxxxxxxxxxxxxxx158.2 M
Net Profit Margin xxxxxxxxxxxxxxx24.22 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx30.80 %
Return on Invested Capital xxxxxxxxxxxxxxx25.96 %
Return on Assets xxxxxxxxxxxxxxx13.80 %
Return on Equity xxxxxxxxxxxxxxx30.80 %
Return on Total Capital xxxxxxxxxxxxxxx37.39 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx124.5 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 xxxxxxxxxxxxxxx60 M
Long Term Debt xxxxxxxxxxxxxxx24 M
Total Debt xxxxxxxxxxxxxxx84 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx121 M
Price To Book Value xxxxxxxxxxxxxxx5.84

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx65.6 M
Capex % of Sales xxxxxxxxxxxxxxx18.25 %
Cost of Goods Sold xxxxxxxxxxxxxxx218 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx3 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx1 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

0.0

No. Of Recommendations

3
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Bell Potter

xx/xx/xxxx

3

xxxxxxxxx xx xxxx xxxx xxx

$xx.xx

xx.xx%

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Macquarie

31/01/2025

5

Downgrade to Underperform from Neutral

$7.30

-8.06%

Macquarie downgrades Capricorn Metals to Underperform from Neutral due to the 22% appreciation in the share price in 2025 to date.

The broker notes many of the miner's 2Q25 metrics were pre-released. Sales came in higher than expected, and all-in-sustaining costs were lower than the analyst's forecast.

At quarter-end, Capricorn had cash and bullion of $363m. Management confirmed FY25 guidance at the midpoint of 110-120koz of production.

Macquarie lifts EPS forecasts by 4% for FY25 and lowers FY26 by -4%. Target price rises 3% to $7.30.

FORECAST
Macquarie forecasts a full year FY25 dividend of 0.00 cents and EPS of 46.90 cents.
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of 37.60 cents.

Ord Minnett

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

Canaccord Genuity

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Jarden

04/02/2025

1

Buy

$7.99

0.63%

Capricorn Metals' December quarter cost of $1,490/oz came in slightly higher than Jarden's estimate of $1,477/oz, but was lower than the quarter before on rising mining volumes and improved efficiencies.

The broker forecasts production to rise steadily over the remainder of the year with a distinct June quarter weighting, delivering 61koz in the June half vs 54koz in the December half. 

Jarden increased FY26-28 gold price forecast by 5-10% and this, together with lower forex and higher production growth, resulted in material changes to its earnings and operational cashflow metrics. EBITDA forecasts for FY25 and FY26 rise by 24% and 19% respectively, resulting in a 26% lift in FY25 EPS forecast and a 22% rise in FY26.  

Target price rises to $7.99 from $6.96. Buy rating maintained.

FORECAST
Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 43.10 cents.
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 35.60 cents.

Goldman Sachs

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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CMM STOCK CHART

FNArena News on CMM

1
Australian Broker Call *Extra* Edition – Feb 05, 2025

Feb 05 2025 - Daily Market Reports
2
Australian Broker Call *Extra* Edition – Feb 04, 2025

Feb 04 2025 - Daily Market Reports
3
Australian Broker Call *Extra* Edition – Feb 03, 2025

Feb 03 2025 - Daily Market Reports
4
Weekly Ratings, Targets, Forecast Changes – 31-01-25

Feb 03 2025 - Weekly Reports
5
Australian Broker Call *Extra* Edition – Jan 20, 2025

Jan 20 2025 - Daily Market Reports

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