Bell Potter upgrades Australia's Pantoro Gold to 'hold' on robust results

Pantoro Gold

29/09/2025 01:19

** Analysts at Bell Potter upgrade Australia's Pantoro Gold PNR.AX to "hold" from "sell", raise price target to A$5.35 from A$4.40

** Bell Potter says highlights of FY25 results were improved financial performance, strengthening balance sheet and simplification of capital structure

** Brokerage expects gold producer's EBITDA margin to increase to 65% in FY26 from 55% in FY25

** With multiple production sources, Pantoro is set for YoY gold production growth, de-risking forecast - Bell Potter

** Bell Potter expects EBITDA of A$373 million ($244.35 million), A$394 million and A$385 million for FY26, FY27 and FY28, respectively

** PNR stock has risen nearly fourfold in value this year to A$5.92, as of Friday's close

($1 = 1.5265 Australian dollars)

 (Reporting by Keshav Singh Chundawat in Bengaluru)

 ((Keshav.singhchundawat@thomsonreuters.com))