Kenmare Resources (GB:KMR)
LSE:KMR
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Kenmare Resources
(LSE:KMR)
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Rating:50Neutral
Price Target:
197.00 p
▼(-2.48% Downside)
Action:ReiteratedDate:03/26/26
The score is held down primarily by weakening financial performance (large 2025 net loss, negative free cash flow, and higher leverage) and a bearish technical setup (price below key moving averages with negative MACD). A high dividend yield provides some valuation support, but the negative P/E underscores that profitability is currently impaired.
Positive Factors
Operating cash generation
Sustained positive operating cash flow (~104m in 2025) indicates the core Moma operation still converts mining output into cash. Over 2–6 months this underpins working capital, funds maintenance capex and servicing, and provides a runway while commodity cycles recover.
Negative Factors
Large 2025 net loss
A very large net loss in 2025 (-331.9m) materially erodes retained earnings and reduces internal funding capacity. Over months this impairs reinvestment, heightens scrutiny from lenders and stakeholders, and weakens the firm's ability to finance operations without external support.
Read all positive and negative factors
Positive Factors
Negative Factors
Operating cash generation
Sustained positive operating cash flow (~104m in 2025) indicates the core Moma operation still converts mining output into cash. Over 2–6 months this underpins working capital, funds maintenance capex and servicing, and provides a runway while commodity cycles recover.
Read all positive factors
Kenmare Resources (KMR) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£178.64M
Dividend Yield7.3%
Average Volume (3M)146.74K
Price to Earnings (P/E)―
Beta (1Y)0.77
Revenue Growth6.65%
EPS Growth-159.09%
CountryUK
Employees1,761
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-1.93
Shares Outstanding89,228,165
10 Day Avg. Volume99,996
30 Day Avg. Volume146,738
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.36
Price to Sales (P/S)0.88
P/FCF Ratio-2.82
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£220.00Price Target Upside8.91% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)-0.22
Revenue Forecast (FY)£353.08M
Kenmare Resources Business Overview & Revenue Model
Company Description
Kenmare Resources plc, together with its subsidiaries, produces and sells mineral sand products in China, Europe, the United States, and internationally. It operates the Moma Titanium Minerals Mine located on the northeast coast of Mozambique. The...
How the Company Makes Money
Kenmare makes money primarily by mining and processing mineral sands ore and selling the resulting mineral products to customers under commercial sales contracts. Its key revenue streams are (1) sales of ilmenite (a titanium-bearing mineral that i...
Kenmare Resources Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
72
Positive
Cash Flow
55
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 335.47M | 414.75M | 458.48M | 525.99M | 455.94M |
| Gross Profit | 18.05M | 95.38M | 163.55M | 243.29M | 160.93M |
| EBITDA | 59.31M | 154.75M | 223.75M | 296.42M | 210.89M |
| Net Income | -331.87M | 64.89M | 130.98M | 206.03M | 128.53M |
Balance Sheet | |||||
| Total Assets | 1.11B | 1.31B | 1.26B | 1.25B | 1.16B |
| Cash, Cash Equivalents and Short-Term Investments | 48.64M | 56.68M | 71.05M | 108.27M | 69.06M |
| Total Debt | 205.70M | 79.25M | 49.39M | 80.36M | 150.28M |
| Total Liabilities | 293.69M | 148.24M | 117.88M | 145.29M | 230.07M |
| Stockholders Equity | 815.07M | 1.16B | 1.14B | 1.10B | 930.64M |
Cash Flow | |||||
| Free Cash Flow | -105.23M | 7.24M | 86.66M | 149.55M | 87.46M |
| Operating Cash Flow | 104.10M | 159.83M | 153.19M | 209.42M | 147.81M |
| Investing Cash Flow | -209.33M | -152.59M | -66.54M | -59.87M | -60.34M |
| Financing Cash Flow | 97.00M | -21.60M | -123.88M | -109.73M | -100.97M |
Kenmare Resources Technical Analysis
Negative
202.00
Price Trends
241.68
Negative
248.09
Negative
276.22
Negative
Market Momentum
-13.00
Negative
40.41
Neutral
27.26
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:KMR, the sentiment is Negative. The current price of 202 is below the 20-day moving average (MA) of 212.37, below the 50-day MA of 241.68, and below the 200-day MA of 276.22, indicating a bearish trend. The MACD of -13.00 indicates Negative momentum. The RSI at 40.41 is Neutral, neither overbought nor oversold. The STOCH value of 27.26 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:KMR.
Kenmare Resources Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
53 Neutral | £143.35M | ― | -9.67% | ― | ― | 28.30% | |
53 Neutral | £455.40M | -0.10 | 233.54% | ― | -100.00% | -121.52% | |
50 Neutral | £178.64M | -0.89 | -4.54% | 7.30% | 6.65% | -159.09% | |
48 Neutral | £308.29M | ― | -20.38% | ― | ― | ― | |
45 Neutral | £103.15M | ― | -11.14% | ― | ― | ― | |
44 Neutral | £63.67M | -15.47 | -6.85% | ― | ― | ― |
* Basic Materials Sector Average
GB:KMR
Kenmare Resources
202.00
-143.81
-41.59%
GB:JLP
Jubilee Metals Group
3.20
0.20
6.67%
GB:RBW
Rainbow Rare Earths
22.25
12.55
129.38%
GB:PRE
Pensana Rare Earths PLC
90.80
62.60
221.99%
GB:TUN
Tungsten West Plc
36.50
33.13
981.48%
GB:1SN
First Tin Plc
11.75
6.13
109.07%
Kenmare Resources Corporate Events
Business Operations and StrategyDividendsFinancial Disclosures
Kenmare swings to loss as weak markets, heavy capex force dividend halt and job cuts
Negative
Mar 25, 2026
Kenmare Resources reported a sharp deterioration in 2025 earnings as weak titanium feedstock markets, lower shipments and prices, and a major impairment charge pushed the group to an adjusted loss after tax of $23.7 million. Mineral product revenu...
Business Operations and StrategyLegal Proceedings
Kenmare clashes with Mozambican tax authority over Moma mine terms
Negative
Mar 9, 2026
Kenmare Resources has warned that Mozambique’s Tax Authority is unilaterally seeking to impose new terms on its processing and export operations at the Moma mine, despite ongoing negotiations to renew its Implementation Agreement. The compan...
Business Operations and Strategy
Kenmare Hosts Analyst and Investor Tour of Moma Titanium Minerals Mine
Positive
Feb 5, 2026
Kenmare Resources is hosting a two-day site visit for analysts and investors at its Moma Titanium Minerals Mine in Mozambique on 5–6 February 2026, showcasing key operational assets such as the recently upgraded Wet Concentrator Plant A, the...
Business Operations and StrategyExecutive/Board Changes
Kenmare reshapes board committee roles in governance refresh
Neutral
Jan 30, 2026
Kenmare Resources has announced changes to its board committee structure effective 31 January 2026, as part of an ongoing refresh of its governance framework. Non-executive director Clever Fonseca will step down from the Audit Risk Committee to j...
Business Operations and StrategyFinancial Disclosures
Kenmare Cuts Output and Capex for 2026 as Prices Weaken and Impairment Looms
Negative
Jan 21, 2026
Kenmare Resources reported that 2025 production declined across key products as upgrade work at its main Wet Concentrator Plant A and the elimination of some higher-cost dry mining reduced heavy mineral concentrate output, while weather-related di...
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.