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

$3.45

05 Aug
2026

0.060

OPEN

$3.51

1.77%

HIGH

$3.53

1,034,900

LOW

$3.40

TARGET
$4.733 37.2% 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 - 0.9 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

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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

15/06/2026

1

Initiation of coverage with Buy

$5.15

49.28%

UBS initiates coverage on Bannerman Energy with a Buy rating and $5.15 target. The recently announced CNOL (CNNC Overseas Limited) deal enables a funding pathway for the development of the Etango project.

The broker is upbeat on the outlook for the U308 price and forecasts a long-term price of US$100/lb by 2028, up from US$85/lb, which boosts the outlook for Etango's financial metrics.

Completion risk is considered "minimal", with first production expected in 2028. A final investment decision, along with the CNOL deal and early works underway, are all positives for the burgeoning developer.

Additional capex of an estimated circa US$30m is noted for a 207mlb resource base, supporting steady-state production of around 3.5mlbs over a 27-year mine life.

FORECAST
UBS forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.04 cents.
UBS forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.00 cents.

Ord Minnett

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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

120.29%

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: Steady Rise In Term Requests

Aug 04 2026 - Weekly Reports
2
Australian Broker Call *Extra* Edition – Jul 30, 2026

Jul 30 2026 - Daily Market Reports
3
Australian Broker Call *Extra* Edition – Jul 29, 2026

Jul 29 2026 - Daily Market Reports
4
Uranium Week: New Record, But Sentiment Rules

Jul 28 2026 - Weekly Reports
5
Uranium Week: Boss Energy’s Upside Surprise

Jul 07 2026 - Weekly Reports

Latest Uranium News

1
Uranium Week: Steady Rise In Term Requests

Aug 04 2026 - Weekly Reports
2
Uranium Week: New Record, But Sentiment Rules

Jul 28 2026 - Weekly Reports
3
Uranium Week: Pricing And Shares Disconnect

Jul 21 2026 - Weekly Reports
4
Uranium Week: India Boosts U308 Demand

Jul 14 2026 - Weekly Reports
5
Uranium Week: Boss Energy’s Upside Surprise

Jul 07 2026 - Weekly Reports
6
Treasure Chest: Paladin Energy

Jul 01 2026 - Treasure Chest
7
Uranium Week: Paladin’s Joy, Lotus In Pain

Jun 30 2026 - Weekly Reports
8
Uranium Week: Super Cycle Demand For Power

Jun 23 2026 - Weekly Reports
9
Uranium Week: Bannerman’s Etango In Focus

Jun 16 2026 - Weekly Reports
10
Uranium Week: Spot Above US$100/lb Soon?

Jun 09 2026 - Weekly Reports