In May, RMS approached Westgold (WGX) for a $3bn gold merger. Although rebuffed, it doesn’t mean they’ve given up on the concept—Red & SLR beat them to the punch. At the time, Westgold turned away the approach, suggesting it was unwilling to progress as it chased an M&A target of its own in Karora Resources – as M&A flows, the CEOs want to remain on top of the tree! Their FY24 earnings beat expectations in August, which helped the stock rerate on the upside.
- Revenue of A$882.6mn was in line with expectations, but the Earnings Per Share (EPS) was a tidy 3.5% beat.
- We always pay attention to the market’s rhythm, and RMS often likes to retrace over 30c; hence, $2.20 would be our ideal entry-level.
MM likes RMS below $2.20
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