External broker reports(aggregated public sources), Ord Minnett

Ord Minnett

Ord Minnett is a leading Australian wealth management group, incorporating full-service stockbroking, financial planning and funds management. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul>
<li>GMD produced a solid 2Q24 result – coming broadly in-line with our estimates despite a seismic event at Gwalia (proximal to the 1729 level).</li>
<li>Although early days since Leonora ownership (30 June 2023), early signs (~140Koz pa at ~A$2,115/oz AISC) are positive compared to recent historical production (120-130koz pa at ~A$2,521/oz).</li>
<li>We retain our Hold Recommendation on valuation grounds (1.1x P/NAV vs 0.9x peers and 9.9x EV/EBITDA vs 4.3x peers) and await the 5-year outlook (~March 2024), which should outline a more granular path towards the Company’s growth ambitions (+300koz).</li>
</ul>
<p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>


GMD produced a solid 2Q24 result – coming broadly in-line with our estimates despite a seismic event at Gwalia (proximal to the 1729 level).
Although early days since Leonora ownership (30 June 2023), early signs (~140Koz pa at ~A$2,115/oz AISC) are positive compared to recent historical production (120-130koz pa at ~A$2,521/oz).
We retain our Hold Recommendation on valuation grounds (1.1x P/NAV vs 0.9x peers and 9.9x EV/EBITDA vs 4.3x peers) and await the 5-year outlook (~March 2024), which should outline a more granular path towards the Company’s growth ambitions (+300koz).

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Genesis Minerals Limited - 2Q24: Solid – Awaiting 5-Year Outlook in March