Australia's Genesis Minerals falls after Macquarie cuts FY24 earning forecast

Genesis Minerals

08/03/2024 01:36

** Shares of Genesis Minerals  GMD.AX  down as much as 4.2%
to A$1.838 after Macquarie cuts annual earnings forecast on
softer-than-expected HY performance
    ** Macquarie has a price target of A$1.92 for the gold,
explorer, retains "outperform" rating
    ** Brokerage says GMD reported HY underlying EBITDA 24%
softer than expected
    ** GMD ended 1HFY24 with net cash (incl leases) of A$155
mln, A$7 mln below our estimate due to higher lease balances -
Macquarie
    ** Brokerage cuts GMD's FY24 EPS estimate by 8%
    ** Stock up 7.1% YTD, as of last close 
 

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))