BCN FY24 results were mostly in line with our estimates apart from a slightly lower NPAT to our numbers. BCN reported record operating cashflows for the year but significant capex outlays at MacPhersons of A$19m restricted free cash flow for FY24 to A$6.7m. BCN paid out A$3.8m in dividends for FY24 (4% yield) and we expect these dividends to continue as growth capex spend falls away in FY25. Gold price increases drive slight price increase to our price target to A$0.047 ($0.044 prior). Speculative Buy maintained.
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