Macquarie upgrades Australia's Genesis Minerals on better AISC and EPS forecast

Genesis Minerals

25/03/2024 23:16

** Analysts at Macquarie say Genesis Minerals'  GMD.AX  plan
for A$520 mln ($340.03 mln) in growth capital expenditure
materially higher than A$92 mln prior estimate
    ** Macquarie says longer-term all-in-sustaining-cost (AISC)
appears to be better due to Tower Hill being in full production
beyond FY29
    ** Brokerage upgrades stock rating to "outperform" from
"neutral", maintains target price at A$2.00/shr
    ** Analysts say incorporating GMD's 5-10 year forecast sees
23% lift in EPS for FY29
    ** Shares of GMD up 2.5% to A$1.85 at 2305 GMT
    ** Two of six analysts rate stock "buy" or higher, four rate
it "hold"; their median PT is A$1.88 - LSEG data
        ** Stock up 0.6% YTD, as of last close
    

($1 = 1.5293 Australian dollars)

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((shivangi.lahiri@thomsonreuters.com))