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Black Cat Syndicate Ltd.
(Sydney:BC8)
Black Cat Syndicate Ltd. (BC8) vs. iShares MSCI Australia ETF (EWA)
Black Cat Syndicate Ltd. Business Overview & Revenue Model
Black Cat Syndicate Ltd. Financial Statement Overview
| Breakdown | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 37.32M | 4.61M | 1.79M | 136.21K | 0.00 |
| Gross Profit | -14.03M | 4.61M | 538.10K | 43.91K | -25.07K |
| EBITDA | -2.36M | -2.23M | -4.47M | -3.72M | -2.30M |
| Net Income | -25.95M | -3.81M | -4.80M | -3.90M | -2.32M |
Balance Sheet | |||||
| Total Assets | 369.58M | 157.80M | 128.18M | 116.22M | 48.35M |
| Cash, Cash Equivalents and Short-Term Investments | 35.76M | 13.98M | 4.66M | 18.17M | 16.05M |
| Total Debt | 21.46M | 9.44M | 5.00M | 132.36K | 190.40K |
| Total Liabilities | 100.55M | 40.80M | 34.71M | 37.21M | 2.19M |
| Stockholders Equity | 269.03M | 116.99M | 93.47M | 79.01M | 46.16M |
Cash Flow | |||||
| Free Cash Flow | -60.26M | -19.38M | -26.93M | -31.08M | -15.14M |
| Operating Cash Flow | -12.77M | -2.06M | -3.38M | -3.30M | -1.30M |
| Investing Cash Flow | -108.11M | -22.57M | -28.18M | -27.80M | -13.88M |
| Financing Cash Flow | 141.01M | 33.95M | 18.05M | 33.22M | 28.37M |
Black Cat Syndicate Ltd. Technical Analysis
Black Cat Syndicate Ltd. Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | AU$2.30B | 32.14 | 9.84% | ― | 51.66% | 86.35% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
54 Neutral | AU$648.10M | -115.00 | -4.97% | ― | ― | 16.67% | |
54 Neutral | AU$721.15M | -39.84 | ― | ― | ― | ― | |
53 Neutral | $1.70B | 14.67 | 10.01% | ― | 153.02% | -85.25% | |
49 Neutral | AU$1.00B | -31.10 | -13.44% | ― | ― | -267.46% | |
45 Neutral | AU$759.91M | -132.05 | -9.13% | ― | ― | -5.41% |
Black Cat Syndicate Ltd. Corporate Events
Black Cat Syndicate has formalised a change in its leadership with the appointment of James Bruce as Managing Director, effective 11 February 2026, following previously announced transition plans. The company also lodged the corresponding initial and final director interest notices for Bruce and outgoing Managing Director Gareth Solly, signalling completion of the planned management handover and providing updated governance and disclosure information to the market.
The documentation confirms that Bruce currently holds no registered securities in Black Cat, underscoring a fresh governance starting point for the new Managing Director. The orderly transition and regulatory compliance may reassure investors and stakeholders about continuity in corporate oversight and adherence to ASX listing requirements during the leadership change.
The most recent analyst rating on (AU:BC8) stock is a Hold with a A$1.50 price target. To see the full list of analyst forecasts on Black Cat Syndicate Ltd. stock, see the AU:BC8 Stock Forecast page.
Black Cat Syndicate Limited has appointed James Bruce as its new Managing Director, bringing extensive operational and financial experience in the resources sector to lead the company’s multi-site gold production strategy and next phase of growth. Founding managing director Gareth Solly will remain through a structured transition before moving to a Non-Executive Director role, a move the board says will maintain strategic continuity and technical oversight while reinforcing Black Cat’s positioning for continued expansion.
The leadership change comes as Black Cat advances production at its Kal East and Paulsens operations and pursues future restarts and exploration at its Coyote and Mt Clement projects. With established processing infrastructure, growing gold output and exposure to one of Australia’s significant antimony deposits, the refreshed management structure is intended to support execution of its growth pathway and enhance value prospects for stakeholders across its portfolio.
The most recent analyst rating on (AU:BC8) stock is a Hold with a A$1.50 price target. To see the full list of analyst forecasts on Black Cat Syndicate Ltd. stock, see the AU:BC8 Stock Forecast page.
Black Cat Syndicate Limited has applied to the ASX for quotation of 95,226 new ordinary fully paid shares under its ticker BC8. The new securities, issued on 6 February 2026 following the exercise or conversion of existing options or other convertible securities, will modestly increase the company’s quoted share capital and may slightly enhance liquidity for shareholders once admitted to trading.
The most recent analyst rating on (AU:BC8) stock is a Hold with a A$1.50 price target. To see the full list of analyst forecasts on Black Cat Syndicate Ltd. stock, see the AU:BC8 Stock Forecast page.
Black Cat Syndicate Limited has issued 95,226 new ordinary fully paid shares following the exercise of employee options priced at $0.886, which were granted under its Incentive Securities Plan and are due to expire on 20 December 2028. The transaction marginally increases the company’s issued share capital to 728,019,747 fully paid ordinary shares within a broader capital base of 755,716,696 securities, reflecting ongoing utilisation of equity-based incentives that modestly dilute existing shareholders while reinforcing staff alignment with long-term company performance.
The most recent analyst rating on (AU:BC8) stock is a Hold with a A$1.50 price target. To see the full list of analyst forecasts on Black Cat Syndicate Ltd. stock, see the AU:BC8 Stock Forecast page.
Black Cat Syndicate has completed the acquisition of 100% of a 90km² package of tenements adjacent to its 1.2mtpa Lakewood processing facility at the Kal East Gold Operation for $200,000 in cash funded from operating cash flow. The newly acquired ground, located within 10km of Lakewood, is intended primarily for expanded tailings storage facilities, with the potential to extend tailings capacity from seven years to more than 20 years and support a planned expansion of Lakewood’s processing capacity to about 1.5mtpa, as well as providing a platform for higher throughput, increased gold production and potential new water sources, reinforcing the company’s longer-term production growth strategy.
The most recent analyst rating on (AU:BC8) stock is a Hold with a A$1.50 price target. To see the full list of analyst forecasts on Black Cat Syndicate Ltd. stock, see the AU:BC8 Stock Forecast page.
Black Cat Syndicate Limited has applied to the ASX for quotation of 212,865 new fully paid ordinary shares under its ticker code BC8. The newly issued securities arise from the exercise or conversion of existing options or other convertible instruments, modestly increasing the company’s quoted share capital and potentially broadening its investor base, though without any accompanying operational or strategic update in this disclosure.
The most recent analyst rating on (AU:BC8) stock is a Buy with a A$1.80 price target. To see the full list of analyst forecasts on Black Cat Syndicate Ltd. stock, see the AU:BC8 Stock Forecast page.
Black Cat Syndicate Limited has issued 212,865 new ordinary fully paid shares following the exercise of employee options granted under its Incentive Securities Plan. The issuance modestly increases the company’s equity base to 727,924,521 fully paid ordinary shares on issue (including escrowed shares) and a total of 27,946,949 options and performance rights outstanding, reflecting ongoing use of equity-based remuneration to align staff incentives with shareholder interests and providing transparency on the group’s evolving capital structure for investors.
The most recent analyst rating on (AU:BC8) stock is a Buy with a A$1.80 price target. To see the full list of analyst forecasts on Black Cat Syndicate Ltd. stock, see the AU:BC8 Stock Forecast page.
Black Cat Syndicate Limited has notified the market of the issue of 2,310,345 unquoted performance rights under its employee incentive scheme, with these securities expiring on 29 January 2031. The move reinforces the company’s use of long-dated performance-based equity to incentivise and retain staff, potentially aligning management and employee interests more closely with long-term value creation for shareholders without immediately diluting the quoted share capital.
The most recent analyst rating on (AU:BC8) stock is a Hold with a A$1.50 price target. To see the full list of analyst forecasts on Black Cat Syndicate Ltd. stock, see the AU:BC8 Stock Forecast page.
Black Cat Syndicate Ltd has issued 2,310,345 new performance rights expiring on 29 January 2031, largely tied to ambitious market capitalisation and share price performance hurdles, as part of its long-term incentive framework. Of these, 2,000,000 performance rights will vest only if Black Cat achieves fully diluted market capitalisation milestones of $1.5 billion by the end of 2027 and $2.0 billion by the end of 2028, each sustained for more than 45 days within any 90-day period, while the remaining 310,345 rights are linked to relative share price performance against the GDXJ gold index and continued employment over measurement dates to June 2028. Following this issue, the company’s capital structure comprises 727.7 million ordinary shares on issue and a total of 28.3 million options and performance rights, underscoring a remuneration strategy that heavily emphasises equity-based incentives and the pursuit of substantial growth in shareholder value.
The most recent analyst rating on (AU:BC8) stock is a Hold with a A$1.50 price target. To see the full list of analyst forecasts on Black Cat Syndicate Ltd. stock, see the AU:BC8 Stock Forecast page.
Black Cat Syndicate reported a strong December 2025 quarter, with record gold production of 25,510 ounces, gold sales of 17,517 ounces generating more than A$110 million in revenue, and operating cashflow before capital of about A$66 million. The company maintained a robust balance sheet with A$90.9 million in cash, bullion and listed investments after completing the A$25 million deferred payment for the Lakewood plant and spending A$31 million on project ramp-ups and A$5.3 million on exploration, while production at both Paulsens and Kal East increased in line with or ahead of outlook. Operationally, Black Cat advanced the expansion of Lakewood from 1.2Mtpa to 1.5Mtpa, secured nearby tenements for future tailings storage, discovered new high-grade zones at the Fingals open pit, progressed antimony growth with encouraging drill results at Mt Clement, and struck a 50/50 surplus cashflow-sharing deal with Dreadnought Resources to develop the Star of Mangaroon open pit, while also announcing a leadership transition with founding managing director Gareth Solly moving to a non-executive role and James Bruce appointed as the new managing director.
The most recent analyst rating on (AU:BC8) stock is a Hold with a A$1.50 price target. To see the full list of analyst forecasts on Black Cat Syndicate Ltd. stock, see the AU:BC8 Stock Forecast page.
Black Cat Syndicate has reported further high-grade antimony, lead and silver intersections from its recently completed 24-hole diamond drilling program at the Mt Clement project, reinforcing the continuity of mineralisation within the Taipan Lode and confirming mineralisation in the Dugite and Gwardar lodes. These results, together with pending assays from 15 holes and updated metallurgical test work that is now specifically targeting antimony recovery, will underpin an updated resource estimate and an economic study scheduled for the September 2026 quarter, which contemplates a sulphide flotation circuit near the Paulsens processing facility to leverage existing infrastructure, lower capital costs and potentially unlock additional sulphide base metal and gold opportunities in the region; the company’s invitation to join a Western Australian government critical minerals delegation to North America further underscores Mt Clement’s strategic significance in the critical minerals space.
The most recent analyst rating on (AU:BC8) stock is a Hold with a A$1.50 price target. To see the full list of analyst forecasts on Black Cat Syndicate Ltd. stock, see the AU:BC8 Stock Forecast page.
Black Cat Syndicate Limited has announced a change in director interests following the issue of 612,833 ordinary fully paid shares to Managing Director Gareth Solly, arising from the exercise of vested performance rights. The adjustment increases Solly’s direct and indirect equity stake in the company, modestly tightening alignment between executive incentives and shareholder interests, while reflecting the ongoing vesting of long-term incentive arrangements.
The most recent analyst rating on (AU:BC8) stock is a Hold with a A$1.50 price target. To see the full list of analyst forecasts on Black Cat Syndicate Ltd. stock, see the AU:BC8 Stock Forecast page.
Black Cat Syndicate Ltd has applied to the Australian Securities Exchange for quotation of 695,531 new ordinary fully paid shares, to be issued on 12 January 2026. The additional share quotation modestly increases the company’s issued capital base and may reflect the exercise of options or conversion of other securities, signalling ongoing capital management activity that could slightly broaden its shareholder base and enhance liquidity in its stock.
The most recent analyst rating on (AU:BC8) stock is a Hold with a A$1.50 price target. To see the full list of analyst forecasts on Black Cat Syndicate Ltd. stock, see the AU:BC8 Stock Forecast page.
Black Cat Syndicate Limited has expanded its issued capital following the exercise of various equity incentives, issuing 11,000 ordinary shares from unlisted options, 71,698 ordinary shares from employee options, and 612,833 shares from vested performance rights. The company’s total issued capital now comprises 727,711,656 fully paid ordinary shares and 26,016,604 options and performance rights on issue, reflecting continued utilisation of incentive securities and providing incremental equity to employees and option holders, which slightly dilutes existing shareholders but may better align management and staff interests with long-term shareholder value.
The most recent analyst rating on (AU:BC8) stock is a Hold with a A$1.50 price target. To see the full list of analyst forecasts on Black Cat Syndicate Ltd. stock, see the AU:BC8 Stock Forecast page.
Black Cat Syndicate has reported multiple new high‑grade gold zones identified within the Fingals open pit at its 100%-owned Kal East Gold Operation, following a 167‑hole grade control drilling program that intersected significant mineralisation outside the existing resource but still within the current pit design. These results reinforce Fingals as a long‑life ore source, support an already outlined underground operation once open pit mining is completed, and come as mining at both Fingals and the Majestic underground ramps up ahead of first ore deliveries to the Lakewood processing facility in March 2026. The company is also advancing a study to expand Lakewood’s capacity from 1.2mtpa to 1.5mtpa under its “more gold sooner” strategy, with management emphasising that current developments and planned expansions are being funded entirely from operating cash flow, underscoring the operational strength and balance sheet resilience for shareholders and other stakeholders.
The most recent analyst rating on (AU:BC8) stock is a Hold with a A$1.50 price target. To see the full list of analyst forecasts on Black Cat Syndicate Ltd. stock, see the AU:BC8 Stock Forecast page.
Black Cat Syndicate has reported multiple new high‑grade gold zones identified within the Fingals open pit at its 100%-owned Kal East Gold Operation, following a 167‑hole grade control drilling program that intersected significant mineralisation outside the existing resource but still within the current pit design. These results reinforce Fingals as a long‑life ore source, support an already outlined underground operation once open pit mining is completed, and come as mining at both Fingals and the Majestic underground ramps up ahead of first ore deliveries to the Lakewood processing facility in March 2026. The company is also advancing a study to expand Lakewood’s capacity from 1.2mtpa to 1.5mtpa under its “more gold sooner” strategy, with management emphasising that current developments and planned expansions are being funded entirely from operating cash flow, underscoring the operational strength and balance sheet resilience for shareholders and other stakeholders.
The most recent analyst rating on (AU:BC8) stock is a Hold with a A$1.50 price target. To see the full list of analyst forecasts on Black Cat Syndicate Ltd. stock, see the AU:BC8 Stock Forecast page.
Black Cat Syndicate reported a record December 2025 quarter with total gold production of 25,437 ounces, confirming it has reached a sustainable annualised run rate of around 100,000 ounces. Group gold sales of 17,485 ounces at a strong realised price generated more than A$110 million in revenue, while cash, bullion and listed investments were maintained at A$91 million despite a final A$25 million payment for the Lakewood processing plant and increased spending on mine ramp-up and exploration. Production grew at both flagship operations, with Paulsens output up about 20% and Kal East up about 26% quarter-on-quarter, supported by higher stope tonnages and the completion of mining at the Myhree and Boundary deposits. Management expects further production gains in the March 2026 quarter as Paulsens development accelerates and Kal East draws on stockpiles and third-party ore, with a study to expand Lakewood to 1.5Mtpa due for completion and the plant slated to run solely on ore from Black Cat’s Fingals and Majestic mines from the June quarter, underscoring the company’s rapid evolution into a two-mine gold producer in a strong price environment.
The most recent analyst rating on (AU:BC8) stock is a Buy with a A$1.60 price target. To see the full list of analyst forecasts on Black Cat Syndicate Ltd. stock, see the AU:BC8 Stock Forecast page.
Black Cat Syndicate Limited has disclosed changes to Managing Director Gareth Solly’s interests in the company’s securities following the shareholder-approved award of new performance rights and the lapse of previously issued unlisted incentive options. The company emphasised that it has informed all directors of their disclosure obligations under ASX listing rules and the Corporations Act, operates under an established Securities Trading Policy, and is confident its existing governance arrangements are adequate to ensure ongoing compliance with market disclosure requirements regarding directors’ dealings.
The most recent analyst rating on (AU:BC8) stock is a Buy with a A$1.60 price target. To see the full list of analyst forecasts on Black Cat Syndicate Ltd. stock, see the AU:BC8 Stock Forecast page.
Black Cat Syndicate Limited has announced the cessation of 130,000 securities due to the lapse of conditional rights, as the stated conditions were not met or became unachievable. This development indicates an adjustment in the company’s issued capital structure, which could impact shareholders and stakeholders tracking its operational updates.
The most recent analyst rating on (AU:BC8) stock is a Buy with a A$1.60 price target. To see the full list of analyst forecasts on Black Cat Syndicate Ltd. stock, see the AU:BC8 Stock Forecast page.
Black Cat Syndicate Limited has issued 684,471 unquoted performance rights, set to expire on December 15, 2030, as part of an employee incentive scheme. This move underscores the company’s strategy to align employee interests with its long-term growth objectives and reflects its commitment to retaining and motivating its workforce while continuing its efforts in the mining and exploration sector.
The most recent analyst rating on (AU:BC8) stock is a Buy with a A$1.60 price target. To see the full list of analyst forecasts on Black Cat Syndicate Ltd. stock, see the AU:BC8 Stock Forecast page.
Black Cat Syndicate Ltd. has issued 684,471 performance rights, set to expire on 15 December 2030, with vesting conditions tied to both share price performance relative to the GDXJ gold index and employee continuity. This strategic move highlights the company’s focus on aligning management incentives with shareholder value and operational targets. Additionally, 130,000 options expiring in December 2028 were canceled due to lapsing, reflecting efforts to maintain an optimized capital structure.
The most recent analyst rating on (AU:BC8) stock is a Buy with a A$1.60 price target. To see the full list of analyst forecasts on Black Cat Syndicate Ltd. stock, see the AU:BC8 Stock Forecast page.
Black Cat Syndicate Limited has announced the issuance of 1,292,310 ordinary fully paid shares following the exercise of options. This move is part of the company’s strategy to enhance its capital structure, with the new shares being issued without disclosure to investors under the Corporations Act. The announcement indicates compliance with relevant reporting obligations, suggesting a stable operational framework for stakeholders.
The most recent analyst rating on (AU:BC8) stock is a Buy with a A$1.60 price target. To see the full list of analyst forecasts on Black Cat Syndicate Ltd. stock, see the AU:BC8 Stock Forecast page.
Black Cat Syndicate Ltd. has announced the quotation of 1,292,310 fully paid ordinary securities on the Australian Securities Exchange (ASX) under the code BC8. This move is part of the company’s strategy to leverage convertible securities, potentially enhancing its financial flexibility and market position.
The most recent analyst rating on (AU:BC8) stock is a Buy with a A$1.60 price target. To see the full list of analyst forecasts on Black Cat Syndicate Ltd. stock, see the AU:BC8 Stock Forecast page.
Black Cat Syndicate Limited has acquired 90 square kilometers of strategic tenements near its Lakewood processing facility, a move expected to significantly extend its tailings storage capacity and support the expansion of its processing operations from 1.2mtpa to 1.5mtpa. This acquisition is a critical step in enhancing the company’s production capabilities and aligns with its strategy for ongoing growth in gold production at the Kal East Gold Operation.
The most recent analyst rating on (AU:BC8) stock is a Buy with a A$1.60 price target. To see the full list of analyst forecasts on Black Cat Syndicate Ltd. stock, see the AU:BC8 Stock Forecast page.
Dreadnought Resources Ltd has announced a strategic agreement with Black Cat Syndicate Ltd to commence mining operations at the Star of Mangaroon, leveraging Black Cat’s expertise and resources. This collaboration involves a joint venture for funding and development, with Black Cat managing contractors and providing up to $10 million in funding. The arrangement allows Dreadnought to focus on exploration while generating cash flow, aligning with its strategy to become a self-funded explorer.
The most recent analyst rating on (AU:BC8) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Black Cat Syndicate Ltd. stock, see the AU:BC8 Stock Forecast page.
Black Cat Syndicate Limited has entered into a joint venture with Dreadnought Resources Limited to develop and process ore from the high-grade Star of Mangaroon gold deposit. This agreement allows Black Cat to manage mining operations and provides strategic exposure to further discoveries in the area. The venture is expected to increase cash flow and operational flexibility for Black Cat, enhancing its ability to prioritize high-grade ore processing and potentially boosting gold production in the short to medium term.
The most recent analyst rating on (AU:BC8) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Black Cat Syndicate Ltd. stock, see the AU:BC8 Stock Forecast page.
Black Cat Syndicate Limited has completed the final $25 million payment for the Lakewood processing facility, funded entirely from operating cash flow. This marks a significant milestone as the facility enhances the company’s processing capabilities and supports increased gold production and cash generation, while maintaining a debt-free and unhedged position.
The most recent analyst rating on (AU:BC8) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Black Cat Syndicate Ltd. stock, see the AU:BC8 Stock Forecast page.
Black Cat Syndicate Limited has announced the cessation of Les Davis as a director, effective November 27, 2025. The notice details that Mr. Davis holds an indirect interest in 6,738,571 ordinary fully paid shares and 1,000,000 options. This change in directorship could impact the company’s strategic direction and stakeholder confidence, given Mr. Davis’s significant shareholding and influence within the company.
The most recent analyst rating on (AU:BC8) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Black Cat Syndicate Ltd. stock, see the AU:BC8 Stock Forecast page.
Black Cat Syndicate Ltd. announced the results of its Annual General Meeting held on November 27, 2025, where all resolutions, including a special resolution, were passed by a majority vote. The approval of these resolutions, particularly the renewal of proportional takeover provisions, signifies strong shareholder support and positions the company for continued strategic growth and stability in the competitive mining sector.
The most recent analyst rating on (AU:BC8) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Black Cat Syndicate Ltd. stock, see the AU:BC8 Stock Forecast page.
Black Cat Syndicate Limited has successfully ramped up its gold mining operations at Kal East and Paulsens, achieving first gold production and optimizing its facilities. The company is leveraging high gold prices, holding gold bullion as a liquid asset, and plans to expand its operations and resources. Black Cat has joined the S&P/ASX All Ordinaries and 300 Indexes, marking a successful year. The company is undergoing leadership transitions with James taking over as Managing Director, while Les Davis retires. The board remains confident in Black Cat’s future, having invested significantly in the company.
The most recent analyst rating on (AU:BC8) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Black Cat Syndicate Ltd. stock, see the AU:BC8 Stock Forecast page.
Black Cat Syndicate Ltd. has announced significant progress in its diamond drilling program at the Mt Clement Antimony Project. The ongoing 7,000-meter drill program, involving three rigs, aims to upgrade the current resource and explore additional antimony lodes. Recent drilling results have confirmed high-grade zones of antimony mineralization, both within and beyond the current resource, prompting an expansion of the program by 1,000 meters. The company is also collecting metallurgical samples to support economic studies, enhancing the project’s potential as a commercially viable critical minerals development. This progress positions Black Cat favorably within the industry, offering a near-term growth opportunity.
The most recent analyst rating on (AU:BC8) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Black Cat Syndicate Ltd. stock, see the AU:BC8 Stock Forecast page.
Black Cat Syndicate Limited announced a leadership transition with James Bruce set to replace Gareth Solly as Managing Director in April 2026. Solly, who has been with the company since its inception, will transition to a Non-Executive Director role. Bruce’s appointment is expected to drive the next phase of growth, leveraging his extensive experience in both operational and financial aspects of the resources sector.
The most recent analyst rating on (AU:BC8) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Black Cat Syndicate Ltd. stock, see the AU:BC8 Stock Forecast page.