PERENTI LIMITED (PRN)
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PRN - PERENTI LIMITED

FNArena Sector : Mining Sector Contracting
Year End: June
GICS Industry Group : Materials
Debt/EBITDA: 1.54
Index: ASX300 | ALL-ORDS

Perenti Group is a multi-national mining services company with operations in surface mining, underground mining and mining support services in several countries. The group was founded in 1987 in Kalgoorlie and listed on the ASX in 1994. Prior ASX-listing was as Barminco.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$1.035

25 Jul
2024

-0.020

OPEN

$1.03

-1.90%

HIGH

$1.04

4,042,943

LOW

$1.02

TARGET
$1.50 44.9% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
ALQ . ANG . C79 . CDA . CDD . DCG . DOW . EHL . GNG . IMD . IPG . IPL . LBL . LYL . MAD . MAH . MIN . MLG . MND . MSV . MYE . NWH . ORI . RAN . RCR . RDG . RUL . SRG . SVW . SXE . XRF .
FNARENA'S MARKET CONSENSUS FORECASTS
PRN: 1
Title FY22
Actual		 FY23
Actual		 FY24
Forecast		 FY25
Forecast
EPS (cps) xxx 13.9 21.6 xxx
DPS (cps) xxx 2.0 2.0 xxx
EPS Growth xxx 100.0% 55.6% xxx
DPS Growth xxx N/A 0.0% xxx
PE Ratio xxx N/A 4.8 xxx
Dividend Yield xxx N/A 1.9% xxx
Div Pay Ratio(%) xxx 14.4% 9.3% xxx

Dividend yield today if purchased 3 years ago: 2.15%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.91

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: 25/03 - ex-div 2c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2024 FactSet UK Limited. All rights reserved
Title 201820192020202120222023
EPS Basic xxxxxxxxxxxxxxx13.9
DPS All xxxxxxxxxxxxxxx2.0
Sales/Revenue xxxxxxxxxxxxxxx2,880.1 M
Book Value Per Share xxxxxxxxxxxxxxx206.6
Net Operating Cash Flow xxxxxxxxxxxxxxx398.1 M
Net Profit Margin xxxxxxxxxxxxxxx3.32 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201820192020202120222023
Return on Capital Employed xxxxxxxxxxxxxxx7.04 %
Return on Invested Capital xxxxxxxxxxxxxxx4.37 %
Return on Assets xxxxxxxxxxxxxxx3.36 %
Return on Equity xxxxxxxxxxxxxxx7.04 %
Return on Total Capital xxxxxxxxxxxxxxx9.32 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx24.2 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 201820192020202120222023
Short-Term Debt xxxxxxxxxxxxxxx20 M
Long Term Debt xxxxxxxxxxxxxxx787 M
Total Debt xxxxxxxxxxxxxxx806 M
Goodwill - Gross xxxxxxxxxxxxxxx457 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx307 M
Price To Book Value xxxxxxxxxxxxxxx0.50

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201820192020202120222023
Capex xxxxxxxxxxxxxxx373.9 M
Capex % of Sales xxxxxxxxxxxxxxx12.98 %
Cost of Goods Sold xxxxxxxxxxxxxxx2,376 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx297 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx0 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

1.0

No. Of Recommendations

2
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Macquarie

21/02/2024

1

Outperform

$1.70

64.25%

Perenti's December-half result delivered large earnings (EBITA), cash and dividend beats on consensus' and Macquarie's forecasts. FY24 guidance was retained and the company declared a surprise 2c interim dividend.

The broker appreciates Perenti's strong orderbook and pipeline, agreeing that its 2025 margin expansion targets are on track.

Cash conversion hit 79% and the company has reinstated its buyback.

After accounting for Perenti's DDH! acquisition; EPS forecasts fall -9% in FY24; -4% in FY25; and -5% in FY26.

Outperform rating and $1.70 target price retained (the earnings beat being offset by share dilution).

FORECAST
Macquarie forecasts a full year FY24 dividend of 2.00 cents and EPS of 21.60 cents.
Macquarie forecasts a full year FY25 dividend of 4.00 cents and EPS of 25.10 cents.
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

Moelis

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Canaccord Genuity

29/02/2024

1

Buy

$1.25

20.77%

Perenti's 1H earnings (EBITA) were in line with Canaccord Genuity's forecast and management's unchanged FY24 earnings guidance.

Management's statements around free cash flow suggests to the analyst a strong upcoming 2H, and the reinstatement of dividends indicates an improvement for the company's financials.

Management was also positive, in the broker's view, for Underground operations in Africa and 2H Surface earnings.

Note: the legacy Ausdrill business has been combined with the newly acquired DDH1 to form a Drilling segment.

Canaccord's Buy rating is maintained and the target is increased to $1.25 from $1.20.

FORECAST
Canaccord Genuity forecasts a full year FY24 dividend of 4.00 cents and EPS of 15.80 cents.
Canaccord Genuity forecasts a full year FY25 dividend of 4.00 cents and EPS of 16.00 cents.
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PRN STOCK CHART

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