BANNERMAN ENERGY LIMITED (BMN)
Share Price Analysis and Chart

05/12/2024

1

Buy

$7.40

179.25%

Shaw and Partners observes Bannerman Energy continues to progress the Etango uranium project toward a final investment decision, with a cash position of $95.7m.

Etango has an expected 15-year life, with annual production of 3.5mlbs and pre-production capex of US$353m.

The broker remains highly optimistic about the prospects for uranium, citing Bannerman Energy's recent quarterly update, which noted "current term contract conditions have not yet fully aligned" with the company’s long-term market outlook.

Shaw and Partners expects uranium prices to rise, as both US and European utilities remain uncovered for fuel needs from 2026–2028. The broker anticipates a "multi-year" price spike to US$150/lb before stabilising around the long-term price assumption of US$74/lb.

Buy, High risk rating and $7.40 target price are retained.

FORECAST
Shaw and Partners forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -4.00 cents.
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of 3.00 cents.

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22/10/2024

1

Speculative Buy

$4.33

63.40%

Canaccord Genuity notes Bannerman Energy continues to progress at its Etango-8 development in Namibia with the aim of a positive final investment decision in 2025.

After completing the construction of water supply and site access road, the company is now moving to the next phase of the path towards contract awards. Management continues to assess various debt funding and potential offtake and JV opportunities.

Speculative Buy rating and $4.33 target retained. 

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -6.05 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -5.44 cents.