FENIX RESOURCES LIMITED (FEX)
Share Price Analysis and Chart

26/02/2025

1

Buy

$0.41

38.98%

Fenix Resources reported 1H25 underlying earnings of $20m compared to Bell Potter's $23m forecast due to lower than forecast iron ore revenue. 

No dividend was declared as Fenix Resources considers dividends on an annual basis (ie at the full year result) with respect to group funding requirements. Fenix and CZR Resources ((CZR)) have entered a binding off market takeover agreement. 

Fenix will continue to grow its portfolio of low-capital mining assets and leverage its integrated logistics networks to underpin robust cash flows, Bell Potter notes, funding further growth expenditure requirements and shareholder returns.

Buy and 41c target retained.

FORECAST
Bell Potter forecasts a full year FY25 dividend of 1.00 cents and EPS of 3.60 cents.
Bell Potter forecasts a full year FY26 dividend of 1.40 cents and EPS of 9.40 cents.

12/03/2025

1

Buy

$0.39

32.20%

Petra Capital notes Fenix Resources' acquisition of CZR Resources ((CZR)) will create a large-scale iron ore mining and logistics business in the mid-West and Pilbara regions of WA.

The broker observes Fenix will bring in operational experience and balance sheet strength, and CZR a significant asset base and a development-ready project.

Commentary highlights the key benefit is an uplift in group margins along with an addition of 3.5-5Mtpa to Fenix's iron ore production.

Ahead of the deal completion, the broker cut the target price cut to 39c from 40c, and retained its Buy rating. After incorporating the acquisition, the broker estimates the diluted target price to rise to 49c.

FORECAST
Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.50 cents.
Petra Capital forecasts a full year FY26 dividend of 1.30 cents and EPS of 4.70 cents.