Financials St Barbara Limited Berne S.E.

Equities

BM1

AU000000SBM8

Gold

Delayed Berne S.E. Other stock markets			5-day change	1st Jan Change
- ^CHF	-.--%		-.--%	-.--%

13/06	St Barbara Subsidiary Partners with Natural Forces to Explore Renewable Energy Potential at Defunct Nova Scotia Gold Mine; Shares Down 7%	MT
07/06	St Barbara Receives Remaining Assays from Diamond Drilling at Papua New Guinea; Shares Up 5%	MT

Valuation

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,045	2,215	1,207	611.8	392.1	180	-	-
Enterprise Value (EV) ¹	1,155	2,135	1,183	684.9	157.9	22.17	48.45	71.17
P/E ratio	11 x	17.3 x	-6.81 x	-3.42 x	-0.91 x	-4.34 x	63.4 x	-22.6 x
Yield	2.72%	2.54%	3.52%	-	-	-	-	-
Capitalization / Revenue	3.14 x	2.68 x	1.63 x	0.9 x	0.56 x	0.79 x	0.74 x	0.8 x
EV / Revenue	1.78 x	2.58 x	1.6 x	1.01 x	0.23 x	0.1 x	0.2 x	0.32 x
EV / EBITDA	4.14 x	6.3 x	3.94 x	3.47 x	1.39 x	-2.02 x	2.41 x	24.5 x
EV / FCF	5.43 x	14.7 x	11.7 x	-8.32 x	-0.67 x	-0.24 x	6.92 x	-1.06 x
FCF Yield	18.4%	6.8%	8.56%	-12%	-148%	-419%	14.4%	-94.1%
Price to Book	1.62 x	1.64 x	1.09 x	0.5 x	1 x	0.54 x	0.51 x	0.56 x
Nbr of stocks (in thousands)	6,95,654	7,03,095	7,08,024	8,15,735	8,16,842	8,17,970	-	-
Reference price ²	2.940	3.150	1.705	0.7500	0.4800	0.2200	0.2200	0.2200
Announcement Date	20/08/19	23/08/20	25/08/21	30/08/22	23/08/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	650.3	827.7	740	680.3	697.4	228.4	244.8	225.1
EBITDA ¹	278.7	338.9	300	197.2	113.8	-10.99	20.1	2.907
EBIT ¹	199	173.5	112	37.44	6.92	-46.54	25.8	5.46
Operating Margin	30.61%	20.96%	15.14%	5.5%	0.99%	-20.37%	10.54%	2.43%
Earnings before Tax (EBT)	204.3	162.4	-257.8	-196.6	-	-	51	47
Net income ¹	144.2	128.2	-177	-160.8	-429.2	-47.35	10.18	-4.293
Net margin	22.17%	15.49%	-23.92%	-23.64%	-61.54%	-20.73%	4.16%	-1.91%
EPS ²	0.2684	0.1824	-0.2503	-0.2196	-0.5258	-0.0507	0.003470	-0.009750
Free Cash Flow ¹	212.5	145.2	101.3	-82.36	-234	-93	7	-67
FCF margin	32.68%	17.54%	13.68%	-12.1%	-33.55%	-40.71%	2.86%	-29.76%
FCF Conversion (EBITDA)	76.26%	42.84%	33.75%	-	-	-	34.82%	-
FCF Conversion (Net income)	147.42%	113.22%	-	-	-	-	68.76%	-
Dividend per Share ²	0.0800	0.0800	0.0600	-	-	-	-	-
Announcement Date	20/08/19	23/08/20	25/08/21	30/08/22	23/08/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2023 S1
Net sales ¹	361.9	465.8	358.1	381.9	325.3	325
EBITDA ¹	129.6	209.3	151	-	102.9	44.22
EBIT	55.68	-	-	50.56	-	-
Operating Margin	15.39%	-	-	13.24%	-	-
Earnings before Tax (EBT)	-	107.6	-	-	-	-
Net income ¹	38.66	-	-	-	13.91	-407.1
Net margin	10.68%	-	-	-	4.28%	-125.25%
EPS ²	0.0551	0.1273	-	-	0.0195	-0.4989
Dividend per Share ²	0.0400	0.0400	-	-	-	-
Announcement Date	18/02/20	23/08/20	16/02/21	25/08/21	22/02/22	21/02/23

¹AUD in Million²AUD

Estimates

Balance Sheet Analysis

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	73.1	-	-	-	-
Net Cash position ¹	890	79.8	24.1	-	234	158	131	109
Leverage (Debt/EBITDA)	-	-	-	0.3707 x	-	-	-	-
Free Cash Flow ¹	213	145	101	-82.4	-234	-93	7	-67
ROE (net income / shareholders' equity)	14.7%	8.32%	6.55%	2%	-1.7%	-11.1%	-0.85%	-6.89%
ROA (Net income/ Total Assets)	12.7%	6.05%	4.23%	1.49%	-1.01%	-6.37%	0.66%	-3.24%
Assets ¹	1,134	2,119	-4,183	-10,793	42,344	742.9	1,548	132.6
Book Value Per Share ²	1.810	1.920	1.570	1.500	0.4800	0.4100	0.4300	0.4000
Cash Flow per Share ²	0.4500	0.4000	0.3200	0.1200	0.0600	-0.0700	0.0500	0.0200
Capex ¹	118	134	126	139	85.7	48.5	28.5	65
Capex / Sales	18.14%	16.23%	17.01%	20.4%	12.29%	21.25%	11.64%	28.88%
Announcement Date	20/08/19	23/08/20	25/08/21	30/08/22	23/08/23	-	-	-

¹AUD in Million²AUD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for St Barbara Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

0.22 AUD

Average target price

0.215 AUD

Spread / Average Target

-2.27%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Gold Mining

	1st Jan change	Capi.
NEWMONT CORPORATION	-1.11%	47.07B
AGNICO EAGLE MINES LIMITED	+17.63%	32.08B
BARRICK GOLD CORPORATION	-7.39%	28.11B
WHEATON PRECIOUS METALS CORP.	+10.82%	23.98B
NORTHERN STAR RESOURCES LIMITED	-1.98%	10.2B
ANGLOGOLD ASHANTI PLC	+20.41%	9.61B
KINROSS GOLD CORPORATION	+25.87%	9.11B
POLYUS	-.--%	8.87B
ROYAL GOLD, INC.	+0.24%	8B

Gold Mining