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>We initiate coverage on Genesis (GMD), as part of an expansion of our coverage within the Gold Mining Sector, with a Hold Recommendation and A$1.70/sh Target Price.</li><li>We understand investor optimism towards GMD, given management quality/reputation, strength of balance sheet (A$160m cash, no debt) and strong organic growth pipeline (~290koz by FY28).</li><li>However, we temper this against a high valuation, where the Company trades at a significant premium to its peer cohort (1.3x P/NAV vs 1x peers and 12.4x EV/EBITDA vs 6.1x peers). </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>

We initiate coverage on Genesis (GMD), as part of an expansion of our coverage within the Gold Mining Sector, with a Hold Recommendation and A$1.70/sh Target Price.We understand investor optimism towards GMD, given management quality/reputation, strength of balance sheet (A$160m cash, no debt) and strong organic growth pipeline (~290koz by FY28).However, we temper this against a high valuation, where the Company trades at a significant premium to its peer cohort (1.3x P/NAV vs 1x peers and 12.4x EV/EBITDA vs 6.1x peers). 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 - Initiate with Hold: Good Foundation with Organic Growth, but Fully Priced