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Highlights
- Perenti is an international mining services company which provides mining, mining support services, and innovative technology solutions
- Underlying revenue of PRN in 1HFY24 increased by 13.47% YoY to AUD 1,632 million
- DDH1 Holdings Singapore Pte Ltd has highest interest in PRN with a shareholding of 5.82%
Established in Kalgoorlie in 1987, Perenti Limited (ASX:PRN) is a diversified global mining services company which offers contract mining, mining support services, and innovative technology solutions. Based in Perth, Australia, and active across four continents, the company offers extensive surface and underground mining capabilities.
In the first half of the financial year 2024 (1HFY24), underlying revenue of PNR increased by 13.47% YoY to AUD 1,632.20 million, underlying EBIT grew by 10.40% to AUD 148.50 million and cash conversion jumped 5.40% YoY. Subsequently, during the reported period, the board announced an interim dividend of 2 cents per share.
Top 10 shareholders of PRN
The top 10 shareholders of PRN have around 34.73% shareholding in the company, while the top four have 18.47% shareholding. The maximum stake in the firm is held by DDH1 Holdings Singapore Pte Ltd with a shareholding of 5.82%, followed by The Vanguard Group, Inc. which holds 5.01% stake.
Recent business update
Through an ASX update dated 2 April 2024, the company informed about securing a new contract for its underground mining business Barminco for offering mining services at Duketon Operations of Regis Resources Limited. The contract value is AUD 393 million, based on an initial three-year term.
Outlook
2HFY24 is likely to be better than 1HFY25 in terms of earnings, informed PRN.
In FY24, the company expects to report revenue in the range of AUD 3300 to 3500 million and underlying EBIT in the range of AUD 310 to 325 million. The expected range of FY24 leverage is 0.7x to 0.8x.
In 1HFY24, Perenti realised AUD 5.2 million from DDH1 integration and is on track to post cash synergies of AUD 22 million. The focus of PRN is on locating and delivering further operational synergies.
Share performance of PRN
PRN share price surged by almost 0.56% to trade at AUD 0.90 apiece on 17 April 2024. Including today’s gain, PRN’s share price has dropped by 26.82% in the last 12 months and has decreased by 15.09% in the last six months.
The 52-week high of PRN is AUD 1.295, recorded on 21 June 2023, while the 52-week low is AUD 0.765, recorded on 6 February 2024.
PRN Daily Technical Chart, Source: EODHD/Others
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 17 April 2024. The reference data in this report has been partly sourced from EODHD/Others.
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