MINERAL RESOURCES LIMITED (MIN)
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MIN

MIN - MINERAL RESOURCES LIMITED

FNArena Sector : Iron Ore
Year End: June
GICS Industry Group : Materials
Debt/EBITDA: 6.72
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

Mineral Resources is an Australian diversified mining services company. Its operations include construction, crushing and transport services. It has been a listed company since 2006. Key operations involve iron ore and lithium.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$39.04

22 Sep
2025

0.180

OPEN

$39.01

0.46%

HIGH

$39.66

1,629,337

LOW

$38.44

TARGET
$36.617 -6.2% downside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
ARI . CIA . DRR . FEX . FMG . GEN . GRR . MGX .
FNARENA'S MARKET CONSENSUS FORECASTS
MIN: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx - 458.9 129.3 xxx
DPS (cps) xxx 0.0 0.0 xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 31.1 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: 01/03 - ex-div 20c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx-458.9
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx4,472.0 M
Book Value Per Share xxxxxxxxxxxxxxx1,648.9
Net Operating Cash Flow xxxxxxxxxxxxxxx-475.0 M
Net Profit Margin xxxxxxxxxxxxxxx-20.21 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx-26.70 %
Return on Invested Capital xxxxxxxxxxxxxxx-10.45 %
Return on Assets xxxxxxxxxxxxxxx-7.48 %
Return on Equity xxxxxxxxxxxxxxx-26.70 %
Return on Total Capital xxxxxxxxxxxxxxx1.08 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-2,505.0 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 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx317 M
Long Term Debt xxxxxxxxxxxxxxx5,445 M
Total Debt xxxxxxxxxxxxxxx5,762 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx443 M
Price To Book Value xxxxxxxxxxxxxxx1.31

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx2,156.0 M
Capex % of Sales xxxxxxxxxxxxxxx48.21 %
Cost of Goods Sold xxxxxxxxxxxxxxx3,065 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx1,308 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx153 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

-0.1

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

UBS

xx/xx/xxxx

3

xxxxxxxxx xx xxxxxxx xxxx xxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

5

xxxxxxxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

2

xxxxxxxxx xx xxxxxxxxxx xxxx xxx

$xx.xx

xx.xx%

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Citi

29/08/2025

5

Sell, High Risk

$34.00

-12.91%

Citi assesses Mineral Resources' FY25 result as close to expectations, with underlying EBITDA at $901m vs its $891m forecast. Underlying net loss after tax was better than forecast due to capitalisation of net finance cost.

FY26 capex guidance of -$1.1bn was in line with broker's forecast, but the bigger positive was the move to provide site-level disclosure, improving transparency.

The broker notes Onslow is running at 38Mtpa in August, raising possibility of the company receiving $200m contingent payment by end-November. No current need for equity raising was emphasised, and inorganic deleveraging opportunities are being reviewed.

The broker expects net debt to remain broadly flat, and the company reaching net debt target by end-FY27. The May 2027 US$700m bond is expected to be refinanced; the refinancing window begins next month.

Sell, High Risk. Target unchanged at $34.

FORECAST
Citi forecasts a full year FY26 dividend of 0.00 cents and EPS of 77.30 cents.
Citi forecasts a full year FY27 dividend of 0.00 cents and EPS of 39.90 cents.

Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Bell Potter

xx/xx/xxxx

-1

xx xxxxxx

xx.xx%

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Morgans

xx/xx/xxxx

3

xxxxxxx xx xxxx xxxx xxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

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

Jarden

14/09/2025

5

Sell

$15.00

-61.58%

Mineral Resources cleared the decks with an FY25 net loss of -$904m, and Jarden asks “where to next?”

The broker stresses the importance of Onslow’s ramp-up and resilient iron ore prices, noting the Chair sees no present need to raise equity but is exploring inorganic deleveraging opportunities.

Onslow shipped 2.33mt in July and 3.24mt in August, with Jarden lifting its September quarter forecast to 8.5mt and FY26 to 33.5mt, above guidance of 30–33mt.

Haul road repairs due in late September and delivery of the final trucks are expected to allow the removal of contractors and reduce costs.

Despite this, Jarden forecasts FY26 free cash flow of around -$500m, with net debt rising to $5.55bn, highlighting breakeven requires SC6 at circa US$1,350/t if iron ore stays at US$100/t.

Debt refinancing of US$700m notes due 2027 is expected soon, while Wodgina is viewed as the most likely asset sale candidate, worth about $1.57bn for the company's stake. 

Jarden maintains a Sell rating, citing lack of valuation support and no de-gearing progress in FY26. The target rises to $15.00 from $14.80.

FORECAST
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 2.30 cents.
Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -72.70 cents.
Access Extra Coverage Research History >

MIN STOCK CHART

FNArena News on MIN

1
Weekly Ratings, Targets, Forecast Changes – 19-09-25

Sep 22 2025 - Weekly Reports
2
Australian Broker Call *Extra* Edition – Sep 15, 2025

Sep 15 2025 - Daily Market Reports
3
Mineral Resources Shares Targeting $45

Sep 10 2025 - Technicals
4
Rudi’s View: August Results; Standouts, Turnarounds, Failures & Misfits

Sep 10 2025 - Rudi's View
5
Weekly Ratings, Targets, Forecast Changes – 05-09-25

Sep 08 2025 - Weekly Reports

Latest Iron Ore News

1
Mineral Resources Shares Targeting $45

Sep 10 2025 - Technicals
2
Can Champion Iron Deliver On Growth Projects?

Aug 06 2025 - Commodities
3
Execution Remains Key For Mineral Resources

Aug 01 2025 - Commodities
4
Iron Ore Worries Overshadow Fortescue’s FY26

Jul 28 2025 - Australia
5
Bargain Hunters Interest For Champion Iron?

May 08 2025 - Technicals
6
Positive Reversal For Fortescue

May 06 2025 - Technicals
7
Fortescue: Quo Vadis The Dividend?

Feb 24 2025 - Commodities
8
Fortescue Looks Poised

Nov 05 2024 - Technicals
9
Quality Ore Elevates A Champion

Oct 10 2024 - ESG Focus
10
The Downs And Ups Of Mineral Resources

Sep 19 2024 - Commodities