Perenti Global (AU:PRN)
ASX:PRN
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Perenti Global
(Sydney:PRN)
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Rating:75Outperform
Price Target:
AU$2.50
▲(21.36% Upside)
Action:ReiteratedDate:02/23/26
The score is driven primarily by strong financial performance (profitability and cash flow strength with moderate leverage) and a positive earnings call featuring upgraded free cash flow guidance and improved balance sheet metrics. These are tempered by only mixed technical signals (negative MACD and trading slightly below the 50DMA) and a mid-range valuation (P/E ~21 with a moderate ~2.6% yield).
Positive Factors
High gross margin and improving profitability
Perenti's very high gross margin (70.56%) and improving net and operating margins reflect durable contract pricing power and effective onsite cost control. This structural margin strength supports sustainable operating cash generation and resilience across commodity cycles over the next 2–6 months.
Negative Factors
Earnings and cashflow seasonality concentrates H2 execution risk
Management notes that FY performance is second-half weighted, concentrating delivery risk into H2. Meeting full-year targets depends on successful project ramp-ups, contract margins and timing of receipts, making near-term outcomes sensitive to execution across operations and regions.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margin and improving profitability
Perenti's very high gross margin (70.56%) and improving net and operating margins reflect durable contract pricing power and effective onsite cost control. This structural margin strength supports sustainable operating cash generation and resilience across commodity cycles over the next 2–6 months.
Read all positive factors
Perenti Global (PRN) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$1.91B
Dividend Yield2.46%
Average Volume (3M)3.12M
Price to Earnings (P/E)11.2
Beta (1Y)1.38
Revenue Growth4.41%
EPS Growth14.44%
CountryAU
Employees10,514
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)0.10
Shares Outstanding938,501,300
10 Day Avg. Volume3,128,554
30 Day Avg. Volume3,119,379
Financial Highlights & Ratios
PEG Ratio0.69
Price to Book (P/B)0.83
Price to Sales (P/S)0.43
P/FCF Ratio7.57
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$2.75Price Target Upside33.72% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.2
Revenue Forecast (FY)AU$3.51B
Perenti Global Business Overview & Revenue Model
Company Description
Perenti Limited operates as a mining services company worldwide. The company offers mining services, including drilling and blasting, in-pit grade control, exploration drilling, and earthmoving services, as well as underground mining services. It ...
How the Company Makes Money
Perenti makes money primarily by delivering mining services to resource companies under contract arrangements. Its main revenue streams come from (1) contract mining services—providing equipment, labour, and operational capability to perform surfa...
Perenti Global Earnings Call Summary
Earnings Call Date:Feb 22, 2026
(Q2-2026)
| Next Earnings Date:Aug 25, 2026
Earnings Call Sentiment Positive
The call presented a predominately positive operational and financial update: record first-half EBITA, double-digit underlying profit and EPS growth, stronger balance sheet metrics (lower leverage, reduced interest costs, improved liquidity) and a sizeable secured pipeline and North American momentum. The company acknowledged transitional and timing-related challenges (conclusion of a large Botswana contract, temporary margin impacts from mobilizations, below-expectation parts sales, FX loss and H1 cash timing volatility) and noted currency headwinds that temper the upside of revenue/EBITA guidance. On balance, the positive improvements in profitability, cash generation guidance upgrade, capital structure strengthening and clear pipeline opportunities outweigh the manageable short-term and transitional weaknesses.Positive Updates
Record First Half EBITA
EBITA reached a new first-half record of $160 million, up 3% year-on-year, with EBITA margin improving to 9.3% from 9.0%, driven by portfolio mix improvements and the conclusion of underperforming contracts.
Negative Updates
Slightly Lower EBITDA and Transitional Impacts
EBITDA was slightly lower compared with the prior corresponding period due to the completion of the large Botswana underground project (circa $120 million in prior-period revenue), creating a transitional mix effect that weighted earnings and cash flow to the second half.
Read all updates
Q2-2026 Updates
Positive
Negative
Record First Half EBITA
EBITA reached a new first-half record of $160 million, up 3% year-on-year, with EBITA margin improving to 9.3% from 9.0%, driven by portfolio mix improvements and the conclusion of underperforming contracts.
Read all positive updates
Company Guidance
Guidance summary: Perenti has revised FY'26 guidance with free cash flow upgraded to greater than $170m and capital expenditure guidance reduced to $325m, noting earnings and cashflow will be second‑half weighted; H1 revenue was $1.73bn, H1 EBITA a record $160m (9.3% margin), underlying NPATA $92m (up ~12%, 5.3% margin) and underlying EPS $0.098 (up 12%), normalized H1 free cash flow $33.1m (cash conversion 77% in H1, targeting >95% for the full year), H1 operating cash flow before interest & tax $193m, H1 depreciation $157m (~9% of revenue), H1 capex $170.7m, H1 drilling revenue $422m (up 9% YoY), interest expense $28m (down 20% YoY), net leverage 0.6x (from 0.9x), cash $275m and liquidity $818m (including $543m undrawn), secured work in hand $5.8bn and pipeline $18.6bn, with expected H2 EBITA bridge of $10–15m from contract mining and $5–10m from drilling services.Perenti Global Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
78
Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.49B | 3.49B | 3.34B | 2.88B | 2.44B | 2.09B |
| Gross Profit | 623.20M | 2.46B | 596.31M | 504.44M | 385.99M | 322.07M |
| EBITDA | 656.62M | 667.68M | 625.33M | 545.18M | 405.80M | 276.79M |
| Net Income | 122.68M | 120.61M | 95.48M | 95.74M | 40.66M | -55.14M |
Balance Sheet | ||||||
| Total Assets | 3.16B | 3.33B | 3.36B | 2.87B | 2.84B | 2.57B |
| Cash, Cash Equivalents and Short-Term Investments | 275.15M | 481.32M | 459.14M | 307.36M | 348.52M | 264.74M |
| Total Debt | 697.77M | 786.04M | 928.60M | 806.36M | 901.86M | 768.00M |
| Total Liabilities | 1.25B | 1.46B | 1.57B | 1.44B | 1.51B | 1.27B |
| Stockholders Equity | 1.86B | 1.83B | 1.76B | 1.41B | 1.31B | 1.29B |
Cash Flow | ||||||
| Free Cash Flow | 180.31M | 199.65M | 152.64M | 24.20M | -126.64M | 9.50M |
| Operating Cash Flow | 490.82M | 510.10M | 487.79M | 398.12M | 341.30M | 288.12M |
| Investing Cash Flow | -209.26M | -223.92M | -382.73M | -275.29M | -311.83M | -202.02M |
| Financing Cash Flow | -266.12M | -271.41M | 52.85M | -173.13M | 48.82M | -138.37M |
Perenti Global Technical Analysis
Neutral
2.06
Price Trends
2.24
Negative
2.52
Negative
2.38
Negative
Market Momentum
-0.04
Negative
49.54
Neutral
66.86
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:PRN, the sentiment is Neutral. The current price of 2.06 is above the 20-day moving average (MA) of 1.96, below the 50-day MA of 2.24, and below the 200-day MA of 2.38, indicating a neutral trend. The MACD of -0.04 indicates Negative momentum. The RSI at 49.54 is Neutral, neither overbought nor oversold. The STOCH value of 66.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:PRN.
Perenti Global Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | AU$1.75B | 7.36 | 13.05% | 2.24% | 19.50% | 37.55% | |
75 Outperform | AU$1.91B | 11.24 | 6.57% | 2.46% | 4.41% | 14.44% | |
68 Neutral | AU$1.76B | 232.09 | 11.52% | ― | 57.22% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
56 Neutral | AU$102.80M | 2.16 | 0.85% | ― | -16.97% | -94.15% |
* Basic Materials Sector Average
AU:PRN
Perenti Global
2.06
0.81
65.06%
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0.27
116.16%
Perenti Global Corporate Events
Perenti Updates Market on Progress of On-Market Share Buy-Back
Apr 15, 2026
Perenti Limited has provided an update on its on-market share buy-back program, disclosing that a total of 2,317,486 ordinary fully paid shares had been repurchased before the previous trading day. The company reported that a further 90,000 shares...
Perenti Updates Market on Progress of On‑Market Share Buy‑Back
Apr 14, 2026
Perenti Limited has been executing an on-market buy-back of its ordinary fully paid shares on the ASX, reflecting active capital management and engagement with its shareholder base. The company reported that a total of 2,220,541 shares had been re...
Perenti Updates Market on Progress of On‑Market Share Buy‑Back
Apr 13, 2026
Perenti Limited has provided an update on its on‑market share buy‑back program for its ordinary fully paid shares traded under the ASX code PRN. The company reported that it has repurchased a cumulative total of 2,122,355 shares prior ...
Perenti Updates Market on Ongoing On‑Market Share Buy‑Back
Apr 10, 2026
Perenti Limited has provided an update on its on‑market share buy‑back program, confirming that it continues to repurchase its ordinary fully paid shares on the ASX. The company reported that a total of 2,026,022 shares had been bought...
Perenti updates market on daily progress of on‑market share buy-back
Apr 9, 2026
Perenti Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back of ordinary fully paid shares. The company reported that a total of 1,929,513 shares had been repurchased before the previous trading da...
Perenti Updates Market on Progress of On‑Market Share Buy‑Back
Apr 8, 2026
Perenti Limited has provided an updated notification to the ASX regarding its on‑market share buy‑back of ordinary fully paid shares. The company reported that, as of the latest daily update dated 8 April 2026, it had repurchased a cum...
Perenti Updates Market on Progress of On-Market Share Buy-Back
Apr 2, 2026
Perenti Limited has provided an update on its ongoing on-market share buy-back program for its ordinary fully paid shares traded under the ASX code PRN. The company reported that a total of 1,794,228 shares had been repurchased prior to the latest...
Perenti appoints South32 veteran Vanessa Torres as new CEO
Apr 1, 2026
Perenti has appointed Dr Vanessa Torres as its new managing director and chief executive, succeeding Mark Norwell as part of a planned leadership transition. Torres, a former South32 chief operating officer with more than 25 years of experience at...
Perenti Updates Market on Progress of On‑Market Share Buy‑Back
Mar 30, 2026
Perenti Limited has provided an update on its ongoing on‑market share buy‑back program for its ordinary fully paid shares traded under the ASX code PRN. The company has disclosed that, as of the latest notification dated 30 March 2026,...
Perenti Cancels 324,110 Shares After On-Market Buy-Back
Mar 27, 2026
Perenti Limited has cancelled 324,110 ordinary fully paid shares following completion of an on-market buy-back, according to a notification of cessation of securities lodged with the ASX. The reduction in issued capital marginally enhances remaini...
Perenti updates market on progress of on‑market share buy‑back
Mar 27, 2026
Perenti Limited has reported an update to its on-market share buy-back program, confirming that a total of 1,583,173 ordinary fully paid shares had been repurchased prior to the latest reporting day. The company disclosed that a further 105,764 sh...
Perenti Updates Market on Progress of On-Market Share Buy-Back
Mar 26, 2026
Perenti Limited has reported a daily update to its on-market share buy-back program for its ordinary fully paid shares, under which it repurchased 101,536 shares on the previous trading day, taking the total bought back so far to 1,481,637 shares....
Perenti Cancels Over 1 Million Shares After On-Market Buy-Back
Mar 25, 2026
Perenti Limited has cancelled 1,054,780 ordinary fully paid shares following completion of an on-market buy-back, effective 24 March 2026. The reduction in issued capital is part of the company’s capital management strategy and may provide i...
Perenti Updates Market on Progress of On-Market Share Buy-Back
Mar 25, 2026
Perenti Limited has reported an update to its on-market share buy-back program for its ordinary fully paid shares. The company disclosed that a total of 1,378,890 shares had been repurchased before the previous trading day, with an additional 102,...
Perenti Updates Market on Progress of On-Market Share Buy-Back
Mar 24, 2026
Perenti Limited has provided an updated daily notification to the ASX regarding its ongoing on-market share buy-back program for its ordinary fully paid shares. The company disclosed that it had repurchased a cumulative 1,271,945 shares prior to t...
Perenti Continues On-Market Share Buy-Back Program
Mar 23, 2026
Perenti Limited has provided an updated notification to the ASX regarding its on-market share buy-back of ordinary fully paid shares. The latest update, dated 23 March 2026, confirms that the company is continuing its previously announced buy-back...
Perenti Updates Market on Progress of On-Market Share Buy-Back
Mar 20, 2026
Perenti Limited, the ASX-listed mining services provider, continues to focus on shareholder returns and capital management as part of its broader strategy in the resources sector. The company operates across major mining regions, supplying contrac...
Perenti Issues Daily Update on Ongoing On-Market Share Buy-Back
Mar 19, 2026
Perenti Limited has provided an update on its ongoing on-market share buy-back program for its ordinary fully paid shares listed on the ASX under code PRN. The company reported that a total of 949,935 shares had been repurchased before the previou...
Perenti Continues On-Market Share Buy-Back Program
Mar 18, 2026
Perenti Limited, an Australia-based mining services provider listed on the ASX as PRN, offers contract mining, drilling, and related support to resource projects in major mining jurisdictions. The group focuses on large-scale operations for mining...
Perenti outlines operations and performance metrics in investor presentation
Mar 17, 2026
Perenti has released an investor presentation for the Euroz Hartleys Rottnest Conference in March 2026, outlining a summary of its operations and financial performance metrics. The document is framed as information for current and prospective inve...
Perenti Updates Market on Ongoing On-Market Share Buy-Back Activity
Mar 17, 2026
Perenti Limited, a mining and resources services provider listed on the ASX under the code PRN, primarily issues ordinary fully paid shares to investors. Its business centres on delivering contract mining, drilling, and associated services to reso...
Perenti Updates Market on Progress of Daily On‑Market Share Buy‑Back
Mar 12, 2026
Perenti Limited continues its on-market share buy-back, reporting that it had repurchased a total of 446,661 ordinary fully paid shares prior to the latest trading day. The company disclosed that a further 99,570 shares were bought back on the pre...
Perenti Updates Market on Progress of On-Market Share Buy-Back
Mar 11, 2026
Perenti Limited has issued an updated notification to the ASX regarding its ongoing on-market share buy-back program for its ordinary fully paid shares. The latest daily report shows that a total of 350,768 shares had been repurchased before the p...
Perenti Issues Daily Update on Ongoing On-Market Share Buy-Back
Mar 10, 2026
Perenti Limited has reported an update to its on-market share buy-back program for its ordinary fully paid shares traded under the ASX code PRN. The company disclosed that, as of the latest daily notification dated 10 March 2026, it had repurchase...
Perenti Updates Market on Progress of On-Market Share Buy-Back
Mar 9, 2026
Perenti Limited has provided an updated notification to the ASX on its ongoing on-market share buy-back for ordinary fully paid shares under code PRN. The update, dated 9 March 2026, confirms that a total of 254,232 shares had been repurchased bef...
Perenti Provides Daily Update on On‑Market Share Buy‑Back
Mar 5, 2026
Perenti Limited has reported an update to its ongoing on‑market share buy‑back program for its ordinary fully paid shares, ASX code PRN. The company disclosed that as of 5 March 2026 it had repurchased a cumulative total of 164,020 sha...
Perenti Updates Market on Daily Progress of On‑Market Share Buy‑Back
Mar 4, 2026
Perenti Limited has provided an updated notification to the market regarding its ongoing on‑market share buy‑back program for its ordinary fully paid shares. The company disclosed that, as at this latest daily report dated 4 March 2026...
Perenti Continues Daily On-Market Share Buy-Back Program
Mar 3, 2026
Perenti Limited has issued an updated notice to the ASX confirming the ongoing execution of its on-market share buy-back program for its ordinary fully paid shares. The filing, dated 3 March 2026, reports that a cumulative 78,564 shares had been r...
Perenti Updates ASX on Progress of On-Market Share Buy-Back
Mar 2, 2026
Perenti Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program for its ordinary fully paid shares. The company reported that a total of 63,564 shares had been repurchased prior to the latest ...
Perenti Updates Market on Ongoing On‑Market Share Buy-Back
Feb 27, 2026
Perenti Limited has updated the market on progress of its on-market share buy-back, confirming that a total of 21,139 ordinary fully paid shares had been repurchased before the previous trading day, with a further 42,425 shares bought back on the ...
Perenti Director Craig Laslett Increases Indirect Shareholding
Feb 25, 2026
Perenti Limited has disclosed a change in the relevant interests of non-executive director Craig Allen Laslett, reflecting an increase in his indirect shareholding in the company. Through the CPL Superannuation Fund, Laslett acquired 50,000 ordina...
Perenti Reports Daily Activity in Ongoing On-Market Share Buy-Back
Feb 24, 2026
Perenti Limited has issued an update confirming the ongoing execution of its on-market share buy-back program for its ordinary fully paid shares listed under the ASX code PRN. The company reported that 21,139 shares were repurchased on the previou...
Perenti lifts earnings and margins, tightens FY26 outlook as portfolio reshaping pays off
Feb 22, 2026
Perenti reported first-half revenue of $1.73 billion, flat year on year, but delivered underlying EBIT(A) of $160.1 million, up 3%, and underlying NPAT(A) of $91.8 million, up 12%, as margins improved to 9.3%. Earnings benefited from exiting an un...
Perenti outlines 1H26 results in investor-focused presentation with extensive disclaimers
Feb 22, 2026
Perenti has released a presentation summarising its first-half 2026 results and operational performance for existing and potential investors, outlining key financial metrics and the basis of its reporting. The company emphasises that the material ...
Perenti Declares Semi-Annual Dividend for December 2025 Period
Feb 22, 2026
Perenti Limited has declared a semi-annual dividend of AUD 0.0325 per ordinary fully paid share, relating to the six-month period ended 31 December 2025. The dividend will trade ex on 25 March 2026, with a record date of 26 March 2026 and payment ...
Perenti Lifts Half-Year Profit and Dividend Amid Steady Revenue
Feb 22, 2026
Perenti Limited reported half-year revenue of $1.73 billion for the period ended 31 December 2025, essentially flat year-on-year, while net profit attributable to members rose 3.7% to $58.3 million, indicating modest earnings growth despite stable...
Perenti Sets Date for Half-Year 2025 Results and Investor Teleconference
Feb 10, 2026
Perenti Limited has scheduled the release of its financial results for the half year ended 31 December 2025 for Monday, 23 February 2026. The company will host a teleconference the same day, led by Managing Director and CEO Mark Norwell and CFO Mi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.