BANNERMAN ENERGY LIMITED (BMN)
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BMN

BMN - BANNERMAN ENERGY LIMITED

FNArena Sector : Uranium
Year End: June
GICS Industry Group : Energy
Debt/EBITDA: -0.01
Index: ASX300 | ALL-ORDS

Bannerman Energy is developing the Etango uranium project in Namibia, one of the world’s largest undeveloped uranium assets.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$3.82

15 Sep
2026

0.030

OPEN

$3.85

0.79%

HIGH

$3.90

1,444,611

LOW

$3.72

TARGET
$4.75 24.3% upside
OTHER COMPANIES IN THE SAME SECTOR
1AE . AEE . AEU . AGE . AKN . ASN . BKY . BOE . BSN . C29 . CXO . CXU . DEV . DYL . EL8 . EL8 . ERA . HAR . I88 . KOB . LAM . LOT . MEU . NXG . ORP . PDN . PEN . SLX . WCN .
FNARENA'S MARKET CONSENSUS FORECASTS
BMN: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx - 2.3 - 1.3 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 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
HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx-2.3
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx0.0 M
Book Value Per Share xxxxxxxxxxxxxxx106.1
Net Operating Cash Flow xxxxxxxxxxxxxxx-2.8 M
Net Profit Margin xxxxxxxxxxxxxxx-

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx-2.77 %
Return on Invested Capital xxxxxxxxxxxxxxx-2.77 %
Return on Assets xxxxxxxxxxxxxxx-2.71 %
Return on Equity xxxxxxxxxxxxxxx-2.77 %
Return on Total Capital xxxxxxxxxxxxxxx-4.97 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-25.8 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 xxxxxxxxxxxxxxx0 M
Long Term Debt xxxxxxxxxxxxxxx0 M
Total Debt xxxxxxxxxxxxxxx0 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx59 M
Price To Book Value xxxxxxxxxxxxxxx3.14

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx43.5 M
Capex % of Sales xxxxxxxxxxxxxxx-
Cost of Goods Sold xxxxxxxxxxxxxxx0 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx7 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx2 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

0.7

No. Of Recommendations

3
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Ord Minnett

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Macquarie

29/07/2026

1

Outperform

$5.00

30.89%

Bannerman Energy is making progress at Etango, Macquarie observes, continuing early works and investing $18.6m in the June quarter. Bulk earthworks are now 92% complete.

Finalisation of the CNNC transaction in the September quarter will be a key milestone with a final investment decision to follow shortly thereafter.

The broker points out the business has materially de-risked its funding and development with the CNNC partnership. Outperform rating. The stock is one of Macquarie's top picks in the uranium sector. The target is reduced to $5.00 from $5.55 on equity dilution.

FORECAST
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -1.80 cents.
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -1.10 cents.

UBS

xx/xx/xxxx

1

xxxxxxxxxx xx xxxxxxxx xxxx xxx

$xx.xx

xx.xx%

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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

xxxxxxxxxxx xxx

$xx.xx

xx.xx%

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Shaw and Partners

29/07/2026

1

Buy

$7.60

98.95%

Shaw and Partners maintains a Buy rating for Bannerman Energy with a $7.60 target price following the release of the June quarter activities report.

The joint venture with CNNC continues to progress towards September quarter completion, securing full construction funding for the Etango uranium project in Namibia.

Early construction works remain on schedule with first uranium production targeted for 2028, coinciding with an anticipated commodity super-cycle.

Scoping studies on the Etango-XP expansion option, which would double processing capacity to 16Mtpa, have been incorporated into base-case models.

The analyst views global uranium supply as structurally deficient, expecting market prices to surpass US$100/lb to incentivise necessary production capacity.

FORECAST
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -3.40 cents.
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -1.20 cents.
Access Extra Coverage Research History >

BMN STOCK CHART

FNArena News on BMN

1
Uranium Week: Contracting Season Heats Up

Sep 15 2026 - Weekly Reports
2
Rudi’s View: Resources, Healthcare & Best Buys

Sep 03 2026 - Rudi's View
3
Uranium Week: Price Momentum, Results & BHP

Aug 25 2026 - Weekly Reports
4
Uranium Week: Steady Rise In Term Requests

Aug 04 2026 - Weekly Reports
5
Australian Broker Call *Extra* Edition – Jul 30, 2026

Jul 30 2026 - Daily Market Reports

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