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: 5.22
Index: ASX50 | 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

$24.49

17 Mar
2025

2.540

OPEN

$22.75

11.57%

HIGH

$24.49

2,489,246

LOW

$22.63

TARGET
$35.014 43.0% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
ARI . BCI . CIA . DRR . FEX . FMG . GEN . GRR . MGX .
FNARENA'S MARKET CONSENSUS FORECASTS
MIN: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 64.0 - 81.9 xxx
DPS (cps) xxx 0.0 0.0 xxx
EPS Growth xxx - 49.8% N/A xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A N/A 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 201920202021202220232024
EPS Basic 87.1533.0673.2184.9127.464.0
DPS All 44.0100.0275.0100.0190.00.0
Sales/Revenue 1,512.0 M2,124.7 M3,733.6 M3,418.0 M4,779.1 M5,278.0 M
Book Value Per Share 726.71,206.11,702.21,715.41,800.71,823.2
Net Operating Cash Flow 186.1 M594.6 M1,309.4 M279.8 M1,353.7 M1,449.0 M
Net Profit Margin 10.82 %47.24 %34.01 %10.22 %5.09 %2.37 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed 12.36 %55.36 %46.44 %10.86 %7.26 %3.56 %
Return on Invested Capital 8.38 %34.04 %32.71 %6.63 %3.79 %1.64 %
Return on Assets 6.24 %25.76 %24.22 %5.11 %3.00 %1.21 %
Return on Equity 12.36 %55.36 %46.44 %10.86 %7.26 %3.56 %
Return on Total Capital 15.64 %17.86 %40.03 %11.75 %24.74 %5.04 %
Free Cash Flow ex dividends -656.2 M175.8 M292.9 M-773.1 M-760.4 M-2,613.0 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 201920202021202220232024
Short-Term Debt 55 M101 M157 M129 M95 M255 M
Long Term Debt 1,082 M1,190 M1,105 M2,997 M3,139 M5,081 M
Total Debt 1,137 M1,291 M1,262 M3,126 M3,234 M5,336 M
Goodwill - Gross 1 M1 M1 M1 M0 M-
Cash & Equivalents - Generic 265 M1,522 M1,542 M2,428 M1,379 M908 M
Price To Book Value 2.061.763.162.813.972.96

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex 810.1 M390.9 M759.7 M999.9 M1,820.9 M4,135.0 M
Capex % of Sales 53.58 %18.40 %20.35 %29.25 %38.10 %78.34 %
Cost of Goods Sold 659 M959 M1,367 M1,528 M2,025 M3,308 M
Selling, General & Admin. Exp & Other 536 M621 M746 M1,250 M1,127 M1,575 M
Research & Development ------
Investments - Total 75 M42 M388 M161 M302 M249 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

0.6

No. Of Recommendations

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

UBS

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx xxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

3

xxxxxxx, xxxx xxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx xxxxxxxxxx

$xx.xx

xx.xx%

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Bell Potter

21/02/2025

1

Buy

$39.50

61.29%

Mineral Resources reported underlying earnings well ahead of Bell Potter, driven by increased earnings margins in Mining Services.

The stock sold off -21% on the announcement due to the high net-debt, disclosures creating doubt that Onslow’s haul road will be ramped-up successfully, which is pivotal to deleveraging the balance sheet, and in response to analyst questioning, the broker suggests.

The MD suggested he would support the incoming chair/board if they elected to raise capital to de-leverage the balance sheet.

Bell Potter continues to hold the view that Onslow will be commissioned successfully, and associated Iron Ore and Mining Services
volumes will enable de-leveraging of the balance sheet, plus there are other options to manage debt, including re-financing.

Target falls to $39.50 from $59.60, Buy retained.

FORECAST
Bell Potter forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -94.90 cents.
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of 224.00 cents.

Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

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

Goldman Sachs

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Jarden

24/02/2025

5

Sell

$20.00

-18.33%

Mineral Resources' balance sheet is not only inappropriately geared, highlights Jarden, but it is also now displaying signs of short-term stress. Current ratio softened to 1.19 from 1.55 a year ago, the broker notes.

The broker reiterates its view the likely FY25 proceeds from the Onslow carry loan will underperform the company's expectations, given its lower forecast shipments from the asset.

Also, the broker wonders if  the undrawn $800m revolver can indeed be drawn, as it is subject to (undisclosed) financial maintenance covenants.

The broker views the -21% share price fall in response to 1H25 as a rational response to another disappointing result from the company.

Target price of $20 and Sell rating are unchanged.

FORECAST
Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -148.10 cents.
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -32.20 cents.
Access Extra Coverage Research History >

MIN STOCK CHART

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