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Overvalued
Morningstar Quantitative Rating as of 10 NOV 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 2.39 Fair value 3.04 One-star price 3.86
Morningstar Quantitative Rating as of 10 NOV 2026.
Morningstar Quantitative Rating as of 10 NOV 2026. The slider runs from the five-star price (2.39) to the one-star price (3.86).
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 3.94 |
| Price - 12 month high | 5.16 |
| Price - 12 month low | 2.70 |
| Pricing date | 10 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 8.52 |
| Market capitalization | 7,411.41 |
| 12 Month High price date | 24 FEB 2026 |
| 12 Month Low price date | 11 JUN 2026 |
| Volume - avg. trading volume for the last 3 months | 8.85 |
| Price - 1 Day % Change | 0.25% |
| Price - 13 week price percent change | 6.49% |
| Price - 26 week price percent change | 11.93% |
| Price - 5 Day % Change | 16.91% |
| Price - 52 week price percent change | 12.25% |
| Price - YTD price percent change | -5.29% |
| Price % Change Month To Date | 4.23% |
| EPS excluding extraordinary items - most recent fiscal year | 0.067 |
| EPS excluding extraordinary items - trailing 12 month | 0.067 |
| EPS Normalized - most recent fiscal year | 0.172 |
| Revenue/share - most recent fiscal year | 0.555 |
| Revenue/share - trailing 12 month | 0.555 |
| Book value per share - most recent fiscal year | 2.079 |
| Book value per share - most recent half-year | 2.079 |
| Book value (tangible) per share - most recent fiscal year | 2.079 |
| Book value (tangible) per share - most recent half-year | 2.079 |
| Cash per share - most recent fiscal year | 0.322 |
| Cash per share - most recent half-year | 0.322 |
| Cash Flow per share - most recent fiscal year | 0.293 |
| Cash Flow per share - trailing 12 month | 0.293 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.060 |
| EBITD per share - trailing 12 month | 0.293 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 0.068 |
| EPS Basic excluding extraordinary items - trailing 12 month | 0.068 |
| EPS including extraordinary items - most recent fiscal year | 0.064 |
| EPS including extraordinary items - trailing 12 month | 0.064 |
| Free Cash Flow per share - trailing 12 month | 0.123 |
| P/E excluding extraordinary items, most recent fiscal year | 58.51 |
| P/E Normalized, most recent fiscal year | 22.94 |
| Price to sales - most recent fiscal year | 7.11 |
| Price to Tangible Book - most fiscal year | 1.89 |
| Price to Free Cash Flow per Share - most recent fiscal year | 31.93 |
| Price to Cash Flow per share - trailing 12 month | 13.45 |
| Price to Book - most recent fiscal year | 1.89 |
| P/E excluding extraordinary items high, trailing 12 months | 59.99 |
| P/E excluding extraordinary items low, trailing 12 months | 8.24 |
| Net Debt, LFI | -570.73 |
| Net Debt, LFY | -529.07 |
| Dividend Yield - 5 Year Average | 1.48% |
| Dividend Yield - indicated annual dividend divided by closing price | 1.54% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 1.52% |
| Free Cash Flow - most recent fiscal year | 229.80 |
| LT debt/equity - most recent fiscal year | 1.53% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 2.02% |
| LT debt/equity - most recent half-year | 1.70% |
| Total debt/total equity - most recent half-year | 2.22% |
| Free Cash Flow - trailing 12 month | 229.80 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 1,032.81 |
| Revenue - trailing 12 month | 1,032.81 |
| EBITD - most recent fiscal year | 544.81 |
| EBITD - trailing 12 month | 544.81 |
| Earnings before taxes - most recent fiscal year | 228.26 |
| Earnings before taxes - trailing 12 month | 228.26 |
| Net Income available to common - most recent fiscal year | 118.83 |
| Net Income available to common - trailing 12 months | 118.83 |
| Earnings before taxes Normalized - most recent fiscal year | 236.41 |
| Net Income Available to Common, Normalized - most recent fiscal year | 319.90 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 0.17 |
| Net Profit Margin % - 1st historical fiscal year | 12.14% |
| Net Profit Margin % - trailing 12 month | 12.14% |
| Operating margin - 1st historical fiscal year | 42.21% |
| Operating margin - trailing 12 month | 42.21% |
| Pretax margin - trailing 12 month | 22.10% |
| Pretax margin - 1st historical fiscal year | 22.10% |
| Operating Margin - 5 year average | 29.04% |
| Pretax Margin - 5 year average | 25.45% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 23.94% |
| Free Operating Cash Flow/Revenue, TTM | 22.25% |
| Net Profit Margin - 5 year average | 17.58% |
| Return on average assets - most recent fiscal year | 3.22% |
| Return on average assets - trailing 12 month | 3.22% |
| Return on average equity - most recent fiscal year | 3.84% |
| Return on average equity - trailing 12 month | 3.84% |
| Return on average assets - 5 year average | 9.81% |
| Return on average equity - 5 year average | 12.13% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
| Revenue growth rate, 5 year | 10.25% |
| EPS growth rate, 5 year | -16.21% |
| Growth rate% - dividend, 3 year | 100.00% |
| Revenue/share (5 yr growth) | -6.42% |
| Growth rate% - Revenue, 3 year | 17.84% |
| Growth rate% - EPS, 3 year | -2.15% |
| Book value per share growth rate, 5 year | 21.63% |
| Capital Spending growth rate, 5 year | 13.79% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | 9.83% |
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2026 | 2027 | 2028 | 2029 | |||||
| Estimate breakdown | ||||||||
Financials (AUD, millions)
| Period end: | JUN 22 | JUN 23 | JUN 24 | JUN 25 | JUN 26 |
| Fiscal year: | 2022 | 2023 | 2024 | 2025 | 2026 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
Ramelius has been one of our preferred local gold plays through 2026, and it looks on track to test higher in the coming weeks. The last 6 months for Ramelius were operationally mixed but strategically on track. The 1Q27 production and cost miss was weather-driven and largely temporary, with the deferred Penny ore expected to flow through in Q2.
Ramelius Resources (RMS) has the strongest daily return correlation with gold over the past 12 months at 0.34, narrowly ahead of Newmont (NEM) at 0.337. However, correlations across the sector remain relatively modest, with even the highest reading suggesting that gold prices explain only part of the day-to-day share price movements. Operational execution clearly has a big influence on returns. Northern Star (NST), despite being one of the ASX’s largest gold miners by market capitalisation, has the lowest correlation in the group at 0.20.
RMS reported 1H results broadly in line with expectations but surprised with a higher-than-expected 3cps dividend, supported by a strong $658m cash balance. Near-term free cash flow will be pressured as the company invests to lift production above 500kozpa by 2030, though liquidity remains strong with an undrawn $500m credit facility.
RMS has improving production and margins and is well-positioned to benefit from a strong gold price if that indeed can be sustained through 2026/7. The bounce from its lows yesterday was an indication that investors have an appetite for this miner in dips.
RMS was the worst-performing stock in the ASX200 on Wednesday, hence in theory it should bounce the strongest when gold eventually turns – sounds good in principle.
A tough day yesterday for the WA based gold producer after they rejigged their mine plans for the Mt Magnet Gold Mine located around 500 km northeast of Perth in the Murchison Goldfield of the Yilgarn Craton.
We have discussed RMS a couple of times over the recent months. In conjunction with the PBOC's back on the bid in the gold market, we are targeting fresh highs by RMS in the coming months with a small 7% stop from a trading perspective.
RMS has trended up nicely over the last two years, but it’s a great illustration that gold is a cyclical space that can often be volatile. Over the last 24 months, RMS has corrected between 15% and 25% on four occasions, or on average every six months.
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.
RMS closed up +4.2% on Wednesday, with the stock having recovered from the news in May that it had approached Westgold (WGX) for a $3bn gold merger. We believe the Gold Sector will see further consolidation over the coming year, similar to RED & SLR and heavyweights Newmont & Newcrest, but for now, all is quiet with RMS.
MM remains bullish towards RMS around $3.90
MM is bullish towards RMS around $3.50
MM is bullish towards RMS ~$4
MM is bullish towards RMS from around $4
MM is bullish toward RMS medium term
MM is bullish RMS ~$2.30
MM is bullish RMS ~$2.30
Buy RMS below $2.30 with stops below $2.15; our initial target is a breakout above $2.60.
MM is bullish RMS
MM likes RMS below $2.20
Ramelius Resources Ltd is a gold exploration and production company with exploration activities focused in Western Australia. The company also explores for base metals. The company has three segments: Mt Magnet, involving mining and processing of gold from the Mt Magnet region including the Penny and Cue Gold Mines; Edna May, involving mining and processing of gold from the Edna May region including the Marda, Tampia, and Symes Gold Mines; and Exploration, which covers exploration and evaluation of gold mineralization, notably the Rebecca-Roe projects. The company generates the majority of its revenue from the Mt Magnet segment.
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