29Metals Limited

ASX:29M Stock Report

Market Cap: AU$168.5m

29Metals Valuation

Is 29M undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 29M when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 29M (A$0.24) is trading below our estimate of fair value (A$6.37)

Significantly Below Fair Value: 29M is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 29M?

Key metric: As 29M is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 29M. This is calculated by dividing 29M's market cap by their current revenue.
What is 29M's PS Ratio?
PS Ratio0.4x
SalesAU$457.74m
Market CapAU$168.50m

Price to Sales Ratio vs Peers

How does 29M's PS Ratio compare to its peers?

The above table shows the PS ratio for 29M vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average10.2x
CXO Core Lithium
0.9x-101.0%AU$175.7m
NTU Northern Minerals
36x84.2%AU$160.8m
SYR Syrah Resources
3x46.6%AU$181.1m
A1M AIC Mines
1x15.4%AU$187.1m
29M 29Metals
0.4x11.8%AU$168.5m

Price-To-Sales vs Peers: 29M is good value based on its Price-To-Sales Ratio (0.4x) compared to the peer average (10.2x).

Price to Sales Ratio vs Industry

How does 29M's PS Ratio compare vs other companies in the AU Metals and Mining Industry?

126 CompaniesPrice / SalesEstimated GrowthMarket Cap
Industry Avg.58.0x3.2%
29M 29Metals
 0.4x11.8%US$105.38m
BHP BHP Group
2.2x-3.1%US$125.60b
FMG Fortescue
1.9x-5.5%US$35.01b
29M 0.4xIndustry Avg. 58.0xNo. of Companies126PS020406080100+
126 CompaniesEstimated GrowthMarket Cap
Industry Avg.58.0x10.5%
29M 29Metals
 0.4x87.5%US$105.38m
No more companies

Price-To-Sales vs Industry: 29M is good value based on its Price-To-Sales Ratio (0.4x) compared to the Australian Metals and Mining industry average (58x).

Price to Sales Ratio vs Fair Ratio

What is 29M's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

29M PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.4x
Fair PS Ratio0.4x

Price-To-Sales vs Fair Ratio: 29M is good value based on its Price-To-Sales Ratio (0.4x) compared to the estimated Fair Price-To-Sales Ratio (0.4x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 29M forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentAU$0.24
AU$0.31
+29.0%
22.7%AU$0.46AU$0.22n/a8
Dec ’25AU$0.36
AU$0.46
+26.0%
28.4%AU$0.77AU$0.30n/a9
Nov ’25AU$0.41
AU$0.45
+7.9%
28.2%AU$0.75AU$0.29n/a9
Oct ’25AU$0.51
AU$0.44
-13.1%
30.6%AU$0.74AU$0.29n/a9
Sep ’25AU$0.38
AU$0.45
+20.2%
29.4%AU$0.75AU$0.32n/a9
Aug ’25AU$0.41
AU$0.47
+13.9%
27.9%AU$0.76AU$0.34n/a9
Jul ’25AU$0.43
AU$0.49
+14.0%
27.2%AU$0.75AU$0.28n/a9
Jun ’25AU$0.54
AU$0.48
-10.9%
27.7%AU$0.75AU$0.28n/a9
May ’25AU$0.51
AU$0.43
-16.6%
24.4%AU$0.55AU$0.26n/a9
Apr ’25AU$0.38
AU$0.43
+13.8%
28.8%AU$0.60AU$0.25n/a9
Mar ’25AU$0.35
AU$0.46
+29.0%
36.2%AU$0.71AU$0.20n/a10
Feb ’25AU$0.29
AU$0.59
+102.9%
24.4%AU$0.79AU$0.35n/a10
Jan ’25AU$0.65
AU$0.71
+10.1%
13.6%AU$0.84AU$0.55n/a11
Dec ’24AU$0.48
AU$0.72
+48.3%
14.5%AU$0.86AU$0.55AU$0.3611
Nov ’24AU$0.59
AU$0.76
+27.7%
12.2%AU$0.90AU$0.57AU$0.4111
Oct ’24AU$0.69
AU$0.75
+8.6%
10.7%AU$0.86AU$0.61AU$0.5110
Sep ’24AU$0.83
AU$0.76
-8.8%
9.9%AU$0.86AU$0.60AU$0.3811
Aug ’24AU$0.81
AU$0.79
-1.9%
9.2%AU$0.90AU$0.69AU$0.4111
Jul ’24AU$0.84
AU$0.94
+11.8%
20.6%AU$1.39AU$0.66AU$0.4310
Jun ’24AU$0.67
AU$1.04
+55.6%
18.4%AU$1.43AU$0.68AU$0.5410
May ’24AU$1.16
AU$1.23
+6.2%
23.6%AU$1.99AU$0.76AU$0.5111
Apr ’24AU$1.19
AU$1.29
+8.7%
22.8%AU$1.96AU$0.80AU$0.3811
Mar ’24AU$1.65
AU$1.81
+10.0%
31.3%AU$3.21AU$1.01AU$0.3511
Feb ’24AU$2.00
AU$1.87
-6.6%
28.8%AU$3.04AU$1.00AU$0.2911
Jan ’24AU$1.91
AU$1.98
+3.6%
29.2%AU$3.21AU$1.09AU$0.6511
Dec ’23AU$2.50
AU$2.33
-6.6%
20.9%AU$3.25AU$1.60AU$0.4811

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/21 04:15
End of Day Share Price 2024/12/20 00:00
Earnings2024/06/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

29Metals Limited is covered by 26 analysts. 9 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Russell WrightBarclay Pearce Capital Pty Limited
April LowisBarrenjoey Markets Pty Limited
Glyn LawcockBarrenjoey Markets Pty Limited