BANNERMAN ENERGY LIMITED (BMN)
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BMN - BANNERMAN ENERGY LIMITED

FNArena Sector : Uranium

Year End: June

GICS Industry Group : Energy

Debt/EBITDA: -0.01

Index: ASX300 | ALL-ORDS

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$2.48 22 Aug 2025	0.040 OPEN $2.46	1.64% HIGH $2.52	589,387 LOW $2.46

LAST PRICE

CHANGE +/-

CHANGE %

VOLUME

$2.48

22 Aug
2025

0.040

OPEN

$2.46

1.64%

HIGH

$2.52

589,387

LOW

$2.46

TARGET

$4.70

89.5% upside

OTHER COMPANIES IN THE SAME SECTOR
1AE . AEE . AGE . AKN . ASN . BKY . BOE . BSN . C29 . CXO . CXU . DEV . DYL . EL8 . EL8 . ERA . GLA . GTR . GUE . HAR . I88 . KOB . LAM . LOT . MEU . NXG . ORP . PDN . PEN . SLX . TOE . WCN .

FNARENA'S MARKET CONSENSUS FORECASTS

Title	FY23 Actual	FY24 Actual	FY25 Forecast	FY26 Forecast
EPS (cps)	xxx	- 6.3	- 4.3	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

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 © 2025 FactSet UK Limited. All rights reserved

Title	2019	2020	2021	2022	2023	2024
EPS Basic	xxx	xxx	xxx	xxx	xxx	-6.3
DPS All	xxx	xxx	xxx	xxx	xxx	0.0
Sales/Revenue	xxx	xxx	xxx	xxx	xxx	0.0 M
Book Value Per Share	xxx	xxx	xxx	xxx	xxx	69.8
Net Operating Cash Flow	xxx	xxx	xxx	xxx	xxx	-2.6 M
Net Profit Margin	xxx	xxx	xxx	xxx	xxx	-

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title	2019	2020	2021	2022	2023	2024
Return on Capital Employed	xxx	xxx	xxx	xxx	xxx	-8.74 %
Return on Invested Capital	xxx	xxx	xxx	xxx	xxx	-8.74 %
Return on Assets	xxx	xxx	xxx	xxx	xxx	-8.62 %
Return on Equity	xxx	xxx	xxx	xxx	xxx	-8.74 %
Return on Total Capital	xxx	xxx	xxx	xxx	xxx	-5.31 %
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	xxx	-2.7 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	2019	2020	2021	2022	2023	2024
Short-Term Debt	xxx	xxx	xxx	xxx	xxx	0 M
Long Term Debt	xxx	xxx	xxx	xxx	xxx	0 M
Total Debt	xxx	xxx	xxx	xxx	xxx	0 M
Goodwill - Gross	xxx	xxx	xxx	xxx	xxx	-
Cash & Equivalents - Generic	xxx	xxx	xxx	xxx	xxx	24 M
Price To Book Value	xxx	xxx	xxx	xxx	xxx	4.68

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title	2019	2020	2021	2022	2023	2024
Capex	xxx	xxx	xxx	xxx	xxx	15.6 M
Capex % of Sales	xxx	xxx	xxx	xxx	xxx	-
Cost of Goods Sold	xxx	xxx	xxx	xxx	xxx	0 M
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	xxx	xxx	6 M
Research & Development	xxx	xxx	xxx	xxx	xxx	-
Investments - Total	xxx	xxx	xxx	xxx	xxx	4 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
EXTRA COVERAGE

EXPERT VIEWS

Display All Commentary

Sentiment Indicator

1.0

No. Of Recommendations

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Shaw and Partners	30/07/2025	1	Buy	$4.70	89.52%	Bannerman Energy announced its June quarter activities report, highlighting that early construction at the Etango uranium project is in line with the miner's schedule and budget, explains Shaw and Partners. An $85m equity raising was conducted over the period, which will be used to fund construction plans for first production of U3O8 to commence in late 2027. A final investment decision is flagged for the end of 2025. The recent rally in uranium stock prices offered a good opportunity for Bannerman to raise funds for development plans without significant equity dilution, the analyst believes. Shaw and Partners likes the scale and scalability of the Etango project. The broker remains bullish on the U3O8 price and assumes a multiyear price spike to US$150/lb as utilities scramble to cover fuel needs from 2027–2030 amid limited new supply, before retreating to the long-term price forecast of US$80/lb (real) in 2032. Shaw retains a Buy rating and a $4.70 target price. FORECAST Shaw and Partners forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -4.30 cents. Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -1.70 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Shaw and Partners

30/07/2025

Buy

$4.70

89.52%

Bannerman Energy announced its June quarter activities report, highlighting that early construction at the Etango uranium project is in line with the miner's schedule and budget, explains Shaw and Partners.

An $85m equity raising was conducted over the period, which will be used to fund construction plans for first production of U3O8 to commence in late 2027. A final investment decision is flagged for the end of 2025.

The recent rally in uranium stock prices offered a good opportunity for Bannerman to raise funds for development plans without significant equity dilution, the analyst believes.

Shaw and Partners likes the scale and scalability of the Etango project.

The broker remains bullish on the U3O8 price and assumes a multiyear price spike to US$150/lb as utilities scramble to cover fuel needs from 2027–2030 amid limited new supply, before retreating to the long-term price forecast of US$80/lb (real) in 2032.

Shaw retains a Buy rating and a $4.70 target price.

FORECAST
Shaw and Partners forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -4.30 cents.
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -1.70 cents.

Access Stockbroker Research History >

EXTRA COVERAGE

Display All Commentary

No. Of Recommendations

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
Petra Capital	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	04/08/2025	1	Speculative Buy	$3.86	55.65%	Canaccord Genuity highlights Bannerman Energy is taking a staged, low-risk approach to development, spending -$20m in 4Q25 on early works and finalising key contracts. Cash at the end of the quarter was $46.2m which increased to $127.6m at of July 4, following $85m capital raising. The funding gives the company breathing room to reach a final investment decision by end-2025 on the Etango development, pending uranium price recovery. The broker notes the project's economics are highly sensitive to U3O8 moves, with each US$5/lb rise lifting the valuation by 10%. Speculative Buy. Target price $3.86. FORECAST Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -2.94 cents. Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -1.86 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Petra Capital

xx/xx/xxxx

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

04/08/2025

Speculative Buy

$3.86

55.65%

Canaccord Genuity highlights Bannerman Energy is taking a staged, low-risk approach to development, spending -$20m in 4Q25 on early works and finalising key contracts.

Cash at the end of the quarter was $46.2m which increased to $127.6m at of July 4, following $85m capital raising. The funding gives the company breathing room to reach a final investment decision by end-2025 on the Etango development, pending uranium price recovery.

The broker notes the project's economics are highly sensitive to U3O8 moves, with each US$5/lb rise lifting the valuation by 10%.

Speculative Buy. Target price $3.86.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -2.94 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -1.86 cents.

Access Extra Coverage Research History >

BMN STOCK CHART

FNArena News on BMN

1	Uranium Week: U308 Renaissance Powers Up Aug 19 2025 - Weekly Reports

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3	Australian Broker Call Extra Edition – Aug 12, 2025 Aug 12 2025 - Daily Market Reports

4	Uranium Week: Cusp Of A New Contracting Cycle Aug 12 2025 - Weekly Reports

5	Rudi’s View: AI Updates, Hot Favourites & First August Results Aug 07 2025 - Rudi's View

Latest Uranium News

1	Uranium Week: U308 Renaissance Powers Up Aug 19 2025 - Weekly Reports

2	Uranium Week: Cusp Of A New Contracting Cycle Aug 12 2025 - Weekly Reports

3	Uranium Week: Supply Challenges Are Mounting Aug 05 2025 - Weekly Reports

4	Honeymoon Uncertainty Clouds Boss’ Outlook Jul 30 2025 - Commodities

5	Uranium Week: Boss Energy’s Honeymoon Shock Jul 29 2025 - Weekly Reports

6	Uranium Week: Utilities Swing Into Gear Jul 22 2025 - Weekly Reports

7	Uranium Week: Sprott Bump No More Jul 15 2025 - Weekly Reports

8	Uranium Week: U3O8 Spot Price Poised To Fall Jul 08 2025 - Weekly Reports

9	Uranium Week: AI Tech Fuses With Nuclear Jul 01 2025 - Weekly Reports

10	Uranium Week: Up By 12%, Looking For More Jun 24 2025 - Weekly Reports

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BANNERMAN ENERGY LIMITED (BMN)
Share Price Analysis and Chart