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Highlights

  • Perenti is an ASX-listed diversified global mining services company
  • In 1HFY24, the company recorded 13% YoY growth in its revenue to AUD 1,632.16 million
  • The highest stake in PRN is held by DDH1 Holdings Singapore Pte. Ltd. with a shareholding of 5.96%

Perenti Limited (ASX: PRN) is an Australian diversified global mining services company engaged in contract mining, mining support services, and future technology solutions. The company's portfolio includes sustainable, interconnected, and value-adding businesses focused on mining services and technology.

In the first half of the financial year 2024 (1HFY24), the company reported a 13.46% year-on-year (YoY) increase in revenue to AUD 1,632.16 million, a 10.40% YoY growth in profit before income tax to AUD 102.09 million, and a 5.40% YoY rise in basic earnings per share to 8.00 cents. Following these positive 1HFY24 results, the company announced an interim dividend of 2 cents per share. As on 31 December 2024, PRN’s cash balance stood at AUD 356.7 million, with undrawn revolving credit facilities of AUD 150.7 million.

Top 10 Shareholders of PRN

The top 10 shareholders of PRN hold around 32.46% of the total shareholding, with the top four holding nearly 19.71%. DDH1 Holdings Singapore Pte. Ltd. and The Vanguard Group, Inc. have maximumstake in the company, with shareholdings of approximately 5.96% and 5.13%, respectively.

Recent Business Update

In an ASX filing dated 22 July 2024, the company announced that its underground mining business, Barminco, has secured a new development contract from Spartan Resources Ltd, along with the extension of four ongoing projects. The combination of these projects is expected to generate nearly AUD 160 million in revenue in FY25.

Outlook

Recently the company has upgraded its free cash flow guidance for FY24 to AUD 180 million. In FY24, the company expects to deliver revenue of AUD 3.3-3.5 billion, and underlying EBIT of AUD 310-325 million. This forecast is supported by increased synergies from the DDH1 acquisition and optimization of overheads aimed at enhancing margins.

Share performance of PRN

PRN shares closed 3.43% higher at AUD 1.055 apiece on 24 July 2024. In the last one year, PRN’s share price has registered a fall of 11.72%, while in the last three months, it has increased by nearly 12.23%.

52-week high of PRN is AUD 1.235, recorded on 24 July 2023, and 52-week low is AUD 0.765, recorded on 6 February 2024.

PRN Daily Technical Chart, Source: REFINITIV

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 24 July 2024. The reference data in this report has been partly sourced from REFINITIV.