Highlights

  • Ord Minnett has assigned a Sell rating to Paladin Energy with a price target of AUD 9.75 per share.
  • Paladin shares are up more than 90% over the past six months and were trading 3.79% higher today at AUD 12.59.
  • The company reported USD 138.3 million in half-year revenue from 1.96Mlb of U₃O₈ sales.

Paladin Energy Ltd (ASX:PDN) continued trading in positive territory on Wednesday, rising 3.79% to AUD 12.59 by late morning. The uranium producer has surged more than 90% over the past six months, placing it among the notable performers on the ASX. However, broker Ord Minnett has issued a Sell rating on the stock, setting a target price of AUD 9.75 per share — below its current trading level.

Broker Issues Sell Rating Amid Share Price Rally

Despite the recent share price momentum, Ord Minnett has taken a cautious stance on Paladin Energy. The broker’s Sell recommendation includes a target price of AUD 9.75, implying potential downside from the current market price of AUD 12.59.

The rating comes after the company released its December 2025 half-year results, which showed improved revenue and an expanded balance sheet. While the stock has climbed sharply in recent months, the broker’s valuation suggests expectations may already be reflected in the current price.

Half-Year Revenue Lifts on Uranium Sales

For the six months ended 31 December 2025, Paladin reported revenue of USD 138.3 million. Sales were driven by 1.96 million pounds of U₃O₈ at an average realised price of USD 70.5 per pound.

Cost of sales totalled USD 112.3 million as the Langer Heinrich Mine (LHM) continued its production ramp-up. Gross profit increased to USD 26.0 million, compared with USD 0.9 million in the prior corresponding period.

The company recorded a net loss after tax of USD 6.6 million, narrower than the USD 15.1 million loss reported a year earlier. The loss was attributed to ramp-up costs, expansion activities following the Fission Uranium acquisition and listing-related expenses.

Capital Raising Strengthens Liquidity

During the period, Paladin completed a fully underwritten AUD 300 million equity raising and a AUD 100 million share purchase plan, both before transaction costs. Funds are intended to advance the Patterson Lake South (PLS) Project in Canada and support LHM ramp-up activities.

Total unrestricted cash and investments increased 213% to USD 278.4 million at 31 December 2025, up from USD 89.0 million at 30 June 2025.

The company also restructured its debt facility, reducing total capacity to USD 110 million. The revised structure includes a USD 40 million term loan and an undrawn USD 70 million revolving credit facility. Net cash stood at USD 238.4 million at period end.

Paladin Energy remains one of the standout performers on the ASX over the past six months, with shares climbing more than 90% and trading higher again following half-year results. At the same time, Ord Minnett’s Sell rating and AUD 9.75 price target introduce a contrasting outlook, placing attention on valuation as the company continues ramp-up at Langer Heinrich and progresses its Canadian project pipeline.

Frequently Asked Questions (FAQ)

  1. What rating did Ord Minnett give Paladin Energy?
    Ord Minnett issued a Sell rating with a price target of AUD 9.75 per share.
  2. Why has Paladin Energy’s share price risen over 90% in six months?
    The increase coincides with higher uranium prices, production ramp-up at Langer Heinrich Mine and capital raising activities to fund growth projects.
  3. How much revenue did Paladin report in its half-year results?
    Paladin reported USD 138.3 million in revenue from uranium sales for the six months to 31 December 2025.