NORTHERN STAR RESOURCES LIMITED (NST)
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NST

NST - NORTHERN STAR RESOURCES LIMITED

FNArena Sector : Gold & Silver
Year End: June
GICS Industry Group : Materials
Debt/EBITDA: 0.61
Index: ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

Northern Star is an Australian gold producer with assets in Australia and North America. Founded in 2000, the company became a listed entity in 2003.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$17.39

07 Aug
2025

0.260

OPEN

$17.03

1.52%

HIGH

$17.57

8,800,485

LOW

$17.03

TARGET
$19.879 14.3% upside
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FNARENA'S MARKET CONSENSUS FORECASTS
NST: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 55.6 107.6 xxx
DPS (cps) xxx 40.0 50.0 xxx
EPS Growth xxx 9.5% 93.5% xxx
DPS Growth xxx 50.9% 25.1% xxx
PE Ratio xxx N/A 16.8 xxx
Dividend Yield xxx N/A 2.8% xxx
Div Pay Ratio(%) xxx 71.9% 46.5% xxx

Dividend yield today if purchased 3 years ago: 4.87%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 2.21

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: 03/09 - (franking ex-di

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx55.6
DPS All xxxxxxxxxxxxxxx40.0
Sales/Revenue xxxxxxxxxxxxxxx4,921.2 M
Book Value Per Share xxxxxxxxxxxxxxx765.6
Net Operating Cash Flow xxxxxxxxxxxxxxx2,070.4 M
Net Profit Margin xxxxxxxxxxxxxxx12.97 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx7.39 %
Return on Invested Capital xxxxxxxxxxxxxxx6.50 %
Return on Assets xxxxxxxxxxxxxxx4.88 %
Return on Equity xxxxxxxxxxxxxxx7.39 %
Return on Total Capital xxxxxxxxxxxxxxx10.33 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx433.5 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 xxxxxxxxxxxxxxx152 M
Long Term Debt xxxxxxxxxxxxxxx1,192 M
Total Debt xxxxxxxxxxxxxxx1,344 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx1,120 M
Price To Book Value xxxxxxxxxxxxxxx1.70

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx1,440.0 M
Capex % of Sales xxxxxxxxxxxxxxx29.26 %
Cost of Goods Sold xxxxxxxxxxxxxxx3,760 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx131 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx183 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

0.4

No. Of Recommendations

7
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Macquarie

25/07/2025

1

Outperform

$25.00

43.76%

Northern Star’s June quarter production of 446koz and sales of 444koz were in line with Macquarie and consensus expectations. FY26 guidance was re-confirmed.

All-in sustaining costs (AISC) of $2,197/oz were broadly as expected, while net debt was marginally softer due to lower-than-expected cash acquired from the De Grey Mining transaction, explains the analyst.

Macquarie raises its longer-term AISC forecast by 4% and rotates costs to capex from opex, resulting in forecast EPS cuts of -7% in FY26 and 2-8% upgrades from FY27-30.

The broker cuts its target price to $25.00 from $27.00 and retains an Outperform rating.

FORECAST
Macquarie forecasts a full year FY25 dividend of 51.50 cents and EPS of 104.80 cents.
Macquarie forecasts a full year FY26 dividend of 35.40 cents and EPS of 109.30 cents.

Citi

xx/xx/xxxx

3

xxxxxxxxx xx xxxxxxx xxxx xxx

$xx.xx

xx.xx%

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Bell Potter

xx/xx/xxxx

3

xxxxxxxxx xx xxxx xxxx xxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

1

xxxxxxx xx xxxxxxxxxx xxxx xxxxx-xxxxxx

$xx.xx

(xx/xx/xxxx)

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

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

29/07/2025

3

Neutral

$15.10

-13.17%

Jarden was disappointed with FY26 guidance from Northern Star Resources and believes the upcoming August 3 trip to KCGM will be very important to ascertain the extent of improvements in this core asset.

Management has again increased capex expectations, with the analyst noting a rise of around 59% on FY25 to circa -$750m, as well as two new categories for capex: 'operational development' and 'operational readiness'.

Total FY26 capex guidance is -$1.86bn–$2.01bn.

A new hedging policy has also been implemented following the De Grey Mining acquisition. The book stands at 1.43Moz at $3,286/oz and expires in the June half of 2028.

No change in Neutral rating. Target falls to $15.10 from $19.40.

FORECAST
Jarden forecasts a full year FY25 dividend of 55.00 cents and EPS of 96.70 cents.
Jarden forecasts a full year FY26 dividend of 55.00 cents and EPS of 109.30 cents.
Access Extra Coverage Research History >

NST STOCK CHART

FNArena News on NST

1
Next Week At A Glance -11-15 Aug 2025

11:43 AM - Weekly Reports
2
Rudi’s View: AI Updates, Hot Favourites & First August Results

Aug 07 2025 - Rudi's View
3
July In Review: Rotation Into A New All-Time High

Aug 06 2025 - Australia
4
In Brief: TechnologyOne, Gentrack & Northern Star

Aug 01 2025 - Weekly Reports
5
Australian Broker Call *Extra* Edition – Jul 30, 2025

Jul 30 2025 - Daily Market Reports

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