Emerging Companies Portfolio – Amendments
Amending the gold exposure in the Emerging Companies Portfolio.
St Barbara (SBM)
SBM $0.85
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Performance
Advanced charting functionality with the ability to amend timeframes, chart type & indicator selection, powered by TradingView.
Share price activity
Displays share price activity. Volume = number of shares traded, Turnover = value of shares traded, VWAP = volume-weighted average price for the day, sourced from Morningstar.
- Last (Price)
- 0.85
- Change
- ▲ 0.01 (1.19)
- Bid / Ask
- 0.85 - 0.86
- Volume
- 11,092,425
- Turnover
- 9,526,117
- Open
- 0.85
- Day Range
- 0.85 - 0.88
- VWAP
- 0.86
- Prev Close
- 0.84
- Last Trade
- 29/10 4:10pm
Key information
Displays key information on the security, sourced from Morningstar.
- Sector
- Basic Materials
- Shares Issued
- 1,226,057,431
- NTA/Share
- 0.77
- Last Dividend
- 0.05
- Dividend Ex Date
- 23 SEP 2026
- Dividend Pay Date
- 16 OCT 2026
Current (AUD) · FY2026
Displays key financial data for the most recent fiscal year, in millions. Note - Per share data is in local currency terms irrespective of reporting currency, and may be different to the stated currency, sourced from Morningstar.
- Revenue
- 3.63
- EBITDA
- -31.02
- Profit
- 489.68
- Earnings Per Share (EPS)
- -0.02
- Dividend Per Share (DPS)
- —
- Yield %
- 6.54
- Market Cap
- 1,042.15
- Price to Earnings Ratio (P/E)
- -35.86
Estimates (AUD) · FY2027
Displays consensus analyst’s estimates for key measures for the next fiscal year, sourced from Morningstar.
- Revenue
- 186.00
- EBITDA
- —
- Profit
- 50.00
- Earnings Per Share (EPS)
- 0.06
- Dividend Per Share (DPS)
- 0.00
Quantitative rating
Displays Morningstar’s Quantitative Equity Research Rating for the security: a star rating from 1 (overvalued) to 5 (undervalued) from the share price against a fair value estimated by a statistical model of Morningstar’s analyst ratings, with the model’s economic moat, financial health and fair value uncertainty, sourced from Morningstar.
Overvalued
- Economic Moat
- None
- Financial Health
- Moderate
- Uncertainty
- Very High
Morningstar Quantitative Rating as of 23 OCT 2026.
Quantitative Equity Rating Methodology – view here
Fair value estimate
Displays Morningstar’s quantitative fair value estimate for the security against the current share price, with the band around it: the five-star price below which the model would rate the stock five stars and the one-star price above which it would rate it one star, sourced from Morningstar.
Five-star price 0.49 Fair value 0.70 One-star price 1.02
Morningstar Quantitative Rating as of 23 OCT 2026.
Quantitative valuation
Displays where the share price sits in Morningstar’s quantitative fair value band, from the five-star price (undervalued) to the one-star price (overvalued), with the fair value estimate, the price to fair value ratio, the model’s valuation label and its uncertainty rating, sourced from Morningstar.
Buy
Sell
- Fair Value
- 0.70
- Price / Fair Value
- 1.09
- Valuation
- Overvalued
- Uncertainty
- Very High
Morningstar Quantitative Rating as of 23 OCT 2026. The slider runs from the five-star price (0.49) to the one-star price (1.02).
Displays useful ratios for the security, NB the pricing date used, sourced from Morningstar.
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
Price, volume and trading statistics for the security, sourced from Morningstar.
| Price - closing or last bid | 0.77 |
| Price - 12 month high | 0.93 |
| Price - 12 month low | 0.41 |
| Pricing date | 22 OCT 2026 |
| Volume - avg. trading volume for the last ten days | 12.12 |
| Market capitalization | 937.93 |
| 12 Month High price date | 18 SEP 2026 |
| 12 Month Low price date | 20 JUL 2026 |
| Volume - avg. trading volume for the last 3 months | 11.62 |
| Price - 1 Day % Change | -6.14% |
| Price - 13 week price percent change | 70.00% |
| Price - 26 week price percent change | 14.18% |
| Price - 5 Day % Change | 4.08% |
| Price - 52 week price percent change | 37.84% |
| Price - YTD price percent change | 31.90% |
| Price % Change Month To Date | -12.57% |
Earnings, dividends, cash flow and book value per share, sourced from Morningstar.
| EPS excluding extraordinary items - most recent fiscal year | -0.451 |
| EPS excluding extraordinary items - trailing 12 month | -0.451 |
| EPS Normalized - most recent fiscal year | -0.023 |
| Revenue/share - most recent fiscal year | 0.003 |
| Revenue/share - trailing 12 month | 0.003 |
| Book value per share - most recent fiscal year | 0.767 |
| Book value per share - most recent half-year | 0.767 |
| Book value (tangible) per share - most recent fiscal year | 0.767 |
| Book value (tangible) per share - most recent half-year | 0.767 |
| Cash per share - most recent fiscal year | 0.325 |
| Cash per share - most recent half-year | 0.325 |
| Cash Flow per share - most recent fiscal year | -0.011 |
| Cash Flow per share - trailing 12 month | -0.011 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.050 |
| EBITD per share - trailing 12 month | -0.026 |
| EPS Basic excluding extraordinary items - most recent fiscal year | -0.024 |
| EPS Basic excluding extraordinary items - trailing 12 month | -0.024 |
| EPS including extraordinary items - most recent fiscal year | 0.417 |
| EPS including extraordinary items - trailing 12 month | 0.417 |
| Free Cash Flow per share - trailing 12 month | -0.074 |
Valuation multiples such as P/E, price to sales, price to book and enterprise value ratios, sourced from Morningstar.
| P/E excluding extraordinary items, most recent fiscal year | — |
| P/E Normalized, most recent fiscal year | — |
| Price to sales - most recent fiscal year | 255.34 |
| Price to Tangible Book - most fiscal year | 1.00 |
| Price to Free Cash Flow per Share - most recent fiscal year | — |
| Price to Cash Flow per share - trailing 12 month | — |
| Price to Book - most recent fiscal year | 1.00 |
| P/E excluding extraordinary items high, trailing 12 months | 4,300.00 |
| P/E excluding extraordinary items low, trailing 12 months | 2,050.00 |
| Net Debt, LFI | -71.91 |
| Net Debt, LFY | -391.44 |
| Dividend Yield - 5 Year Average | — |
| Dividend Yield - indicated annual dividend divided by closing price | 5.99% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 6.54% |
Cash flow, liquidity and leverage measures, sourced from Morningstar.
| Free Cash Flow - most recent fiscal year | -89.72 |
| LT debt/equity - most recent fiscal year | 0.09% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 0.21% |
| LT debt/equity - most recent half-year | 0.23% |
| Total debt/total equity - most recent half-year | 0.66% |
| Free Cash Flow - trailing 12 month | -89.72 |
| Payout ratio - trailing 12 month | — |
Key income statement lines for the most recent fiscal year, in millions, sourced from Morningstar.
| Revenue - most recent fiscal year | 3.63 |
| Revenue - trailing 12 month | 3.63 |
| EBITD - most recent fiscal year | -31.02 |
| EBITD - trailing 12 month | -31.02 |
| Earnings before taxes - most recent fiscal year | -28.92 |
| Earnings before taxes - trailing 12 month | -28.92 |
| Net Income available to common - most recent fiscal year | 489.68 |
| Net Income available to common - trailing 12 months | 489.68 |
| Earnings before taxes Normalized - most recent fiscal year | -18.85 |
| Net Income Available to Common, Normalized - most recent fiscal year | -27.78 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | -0.02 |
Profitability margins for the most recent fiscal year, sourced from Morningstar.
| Net Profit Margin % - 1st historical fiscal year | -766.26% |
| Net Profit Margin % - trailing 12 month | -766.26% |
| Operating margin - 1st historical fiscal year | -913.93% |
| Operating margin - trailing 12 month | -913.93% |
| Pretax margin - trailing 12 month | -797.85% |
| Pretax margin - 1st historical fiscal year | -797.85% |
| Operating Margin - 5 year average | -198.41% |
| Pretax Margin - 5 year average | -216.80% |
| Free Operating Cash Flow/Revenue, 5 Year Average | -275.28% |
| Free Operating Cash Flow/Revenue, TTM | -2,475.14% |
| Net Profit Margin - 5 year average | -199.16% |
Returns on average assets and equity for the fiscal year, the trailing 12 months and as 5 year averages, and net income and revenue per employee in whole currency, sourced from Morningstar.
| Return on average assets - most recent fiscal year | -3.77% |
| Return on average assets - trailing 12 month | -3.77% |
| Return on average equity - most recent fiscal year | -4.80% |
| Return on average equity - trailing 12 month | -4.80% |
| Return on average assets - 5 year average | -15.31% |
| Return on average equity - 5 year average | -24.16% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
Growth in revenue, earnings, dividends and book value over recent periods, sourced from Morningstar.
| Revenue growth rate, 5 year | -65.49% |
| EPS growth rate, 5 year | — |
| Growth rate% - dividend, 3 year | — |
| Revenue/share (5 yr growth) | -69.02% |
| Growth rate% - Revenue, 3 year | -77.63% |
| Growth rate% - EPS, 3 year | — |
| Book value per share growth rate, 5 year | -13.38% |
| Capital Spending growth rate, 5 year | -10.45% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | — |
Displays analyst’s forecasts for key measures. The estimates can be expanded to see the spread of the calls. Full lines = reported, and dotted lines are forward estimates. Click a measure to add or remove it from the chart, sourced from Morningstar.
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2026 | 2027 | 2028 | ||||||
| Estimate breakdown | ||||||||
Financial metrics can be plotted on the graph to see trends. Multiple metrics from multiple statements can be plotted against each other, sourced from Morningstar.
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 |
Displays all company announcements released by the company to the exchange, sourced from Morningstar.
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
Opinion
St Barbara (SBM) 67.5c
SBM -0.75%: more news flow regarding the sale of their WA assets with Silver Lake (SLR) looking to disrupt a deal with Genesis (GMD). Silver Lake came back with an improved offer worth $707m by increasing the scrip part of the deal after St Barbara rejected their earlier $668m offer.
St Barbara Ltd (SBM) 57.5c
SBM has frustratingly bucked the bullish gold trend through 2023 illustrating that all stocks within a given sector don’t move as one. Over recent weeks SBM has recut a deal with Genesis (GMD) which sees them hold on to the troublesome PNG & Canadian assets, however, they will receive a large cash component in the sale of their Leonora asset.
St Barbara (SBM) 61c
SBM -5.43%: traded for the first time in 2 weeks after announcing terms for a recut deal with Genesis (GMD). The deal sees St Barbara hold on to the troublesome PNG & Canadian assets, however, they will receive a large cash component in the sale of their Leonora asset.
Gold Exposure
Flagship Growth Portfolio: Evolution Mining (EVN) and Newcrest Mining (NCM) ~8% weighting. Emerging Companies Portfolio: St Barbara (SBM) ~ 4% weighting. International Portfolio: Barrick Gold (GOLD US) ~7% weighting.
St Barbara (SBM) 57c
SBM -10.94%: the mid-cap gold company struggled today after writing down 2 assets at their half-year result. They announced an underlying loss of $8.66m, however, they also added a $420m impairment at Atlantic, and a $74m at Simberi, two assets they are looking to demerge from the group.
St Barbara (SBM) 70c
SBM -21.35%: the small-cap gold miner saw its shares tumble today after a disappointing production update. 2Q production was down ~5% on the previous quarter to 61koz, while costs rose 7% to $2,666/oz. While the company said most assets were performing in line with expectations, their main WA asset in Leonora saw lower grades than expected, causing both...
St Barbara (SBM) 65c
This week a new Gold company was announced (pending shareholder approval) called Hoover House (HHL) formed via a merger between St Barbara (SBM) which we own in the Emerging Companies Portfolio and Genesis (GMD) to consolidate their assets in the Leonora region of WA. Key points as follows:
St Barbara (SBM) 52.5c
The junior Gold company had a very poor September Quarter producing 64k/oz of gold at an all-in sustaining cost of $2490/oz versus a realised gold price of $2486/oz. It does not take a lot of financial wizardry to realise these numbers don’t work, with the cost side a major issue. Lower production and a high fixed costs base are to blame but it does not change the outcome, and we understand why the stock fell ~20% yesterday.
St Barbara Ltd (SBM) 67c
SBM led the Gold Sectors descent yesterday tumbling another 8% and registering multi-year lows in the process – until the $US and bond yields pull back it’s hard to see precious metals coming back into favour. MM is looking for these inflection points to unfold this quarter but it’s hard to quantify the risk/reward towards stocks like SBM which continue...
Action
Updated
06/07/2023
08:38
SBM
Updated 06/07/2023 08:38
MM is selling SBM in the Emerging Companies Portfolio around 53c
Updated
12/05/2023
08:17
SBM
Updated 12/05/2023 08:17
MM is neutral SBM
Updated
20/04/2023
13:17
SBM
Updated 20/04/2023 13:17
MM is neutral to positive towards SBM
Updated
18/04/2023
08:05
SBM
Updated 18/04/2023 08:05
MM is neutral to positive SBM
Updated
22/02/2023
16:58
SBM
Updated 22/02/2023 16:58
MM is neutral SBM, considering cutting from the Emerging Companies Portfolio
Updated
25/01/2023
17:38
SBM
Updated 25/01/2023 17:38
MM is neutral SBM
Updated
15/12/2022
16:34
SBM
Updated 15/12/2022 16:34
MM is long and bullish SBM in the Emerging Companies Portfolio
Updated
19/10/2022
10:21
SBM
Updated 19/10/2022 10:21
MM is neutral/bearish SBM
Updated
18/10/2022
10:03
SBM
Updated 18/10/2022 10:03
MM is neutral SBM
Updated
10/08/2022
16:50
SBM
Updated 10/08/2022 16:50
MM remains long and bullish SBM
Business Summary
St Barbara Ltd is engaged in goldmining, production and sales, mineral exploration, project development and gold mining company investment. The focus of the business is the Atlantic Projects and the investment in New Simberi Gold.
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