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ASX:PRN

5 stories mentioning ASX:PRN

Every FINWIRES story that references ASX:PRN, newest first.

Asia

Mining Services Sector Too Strong for Transitory, Manageable Issues, Says Jefferies

Mining services sector's issues like diesel pressures or labor shortage are temporary or manageable, as the oil shock will ease after the Middle East peace deal and the industry has previously managed labor shortages, according to a Saturday Jefferies note.The mining capital expenditure and exploration cycle is too strong to ignore or underweight, which should last at least 3 years and probably beyond, Jefferies said, as it believes that upgrades will easily outweigh downgrades during this time, and sector earnings growth will easily surpass the ASX 300.Jefferies upgraded ALS (ASX:ALQ) and Imdex (ASX:IMD) to a buy and increased their price targets to AU$26 from AU$24.40 and AU$5 from AU$4.80, respectively.Jefferies also upgraded Perenti (ASX:PRN) to a buy and lifted its price target to AU$2.45 from AU$2.35.The investment firm downgraded MAAS Group (ASX:MGH) to hold with a price target of AU$5.50, while keeping the same rating on NRW (ASX:NWH) with a price target of AU$6.40, up from AU$6.20.Jefferies kept an underperform rating on Monadelphous Group (ASX:MND) and increased its price target to AU$24 from AU$23.ALS rose past 4%, Imdex jumped over 5%, Perenti surged almost 7%, NRW Holdings was up 4%, and Monadelphous climbed nearly 5% in recent Monday trade. MAAS Group fell roughly 3%.

ASX:ALQASX:IMDASX:MGHASX:MNDASX:NWHASX:PRN
Asia

Update: Perenti Unit Secures AU$850 Million Underground Mining Contract at Western Australia Gold Project; Shares Gain 8%

(Updates with the stock movement in the headline and last paragraph.)Perenti's (ASX:PRN) underground mining arm, Barminco, has been awarded an around AU$850 million contract by Bellevue Gold (ASX:BGL) to provide underground mining services at the Bellevue Gold Project in Western Australia, according to a Wednesday Australian bourse filing.The contract was awarded following a competitive tender process for an initial four-year term commencing on Aug. 1, with an optional 12-month extension, per the filing.The company will provide complete underground mining services, including development, production, and support activities, and the arrangement is expected to require about AU$75 million in growth capital in fiscal 2027, the filing added.Perenti's shares advanced 8% in recent Wednesday trade.

ASX:BGLASX:PRN
Asia

Perenti's Sustainable Cash Generation Strategy Supported by Reward of Bellevue Gold Contract, Euroz Hartleys Says

Perenti's (ASX:PRN) existing strategy, centred on sustainable cash generation, disciplined growth, and increasing exposure to high-quality underground mining opportunities, is supported by the reward of a Bellevue Gold (ASX:BGL) contract, Euroz Hartleys said in a note on Wednesday.The firm's underground mining business, Barminco, was awarded an around AU$850 million, four-year underground mining contract at the Bellevue gold project in Western Australia.This represents a meaningful addition to Barminco's Australian underground mining portfolio and further reinforces Perenti's position as a leading underground mining contractor, translating to annualized revenue of around AU$210 million.The investment firm retained its buy rating on Perenti and a price target of AU$2.92 per share.

ASX:BGLASX:PRN
Asia

Perenti Unit Secures AU$850 Million Underground Mining Contract at Western Australia Gold Project

Perenti's (ASX:PRN) underground mining arm, Barminco, has been awarded an around AU$850 million contract by Bellevue Gold (ASX:BGL) to provide underground mining services at the Bellevue Gold Project in Western Australia, according to a Wednesday Australian bourse filing.The contract was awarded following a competitive tender process for an initial four-year term commencing on Aug. 1, with an optional 12-month extension, per the filing.The company will provide complete underground mining services, including development, production, and support activities, and the arrangement is expected to require about AU$75 million in growth capital in fiscal 2027, the filing added.

ASX:BGLASX:PRN
Asia

Perenti to Face Fiscal 2027 Earnings Softness Before Growth Rebounds, Jefferies Says; Shares Fall 6%

Perenti (ASX:PRN) is expected to face a modest earnings "air pocket" in fiscal year 2027 before growth resumes, driven by stronger US expansion and improving utilization trends, Jefferies said in a note on Wednesday.Jefferies said that, despite a strong underlying pipeline, activity in Barminco and African Underground Mining Services is now expected to start contributing in late fiscal year 2027 or early fiscal year 2028 instead of earlier, due to delays in contract conversion rather than any weakening in long-term demand.The firm expects a modest impact in the first half of 2027 from softer exploration activity, driven by higher diesel costs and budget pressures on junior and mid-tier miners, but reiterated that the company's greater exposure to production drilling should help offset broader sector volatility.The firm remains constructive on the company's strategy under Chief Executive Vanessa Torres, citing Barminco's expansion into the US, reduced exposure to West Africa, growth in artificial intelligence and logistics, and ongoing portfolio reshaping through divestments, mergers, and acquisitions.Jefferies maintained a hold rating on Perenti and decreased the price target to AU$2.35 from AU$2.50.The company's shares fell 6% in recent Thursday trade.

ASX:PRN