29Metals Limited

ASX:29M Stock Report

Market Cap: AU$562.2m

29Metals Valuation

Is 29M undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 29M when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

AU$2.16
Fair Value
81.0% undervalued intrinsic discount
7
Number of Analysts

Below Fair Value: 29M (A$0.41) is trading below our estimate of fair value (A$2.16)

Significantly Below Fair Value: 29M is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 29M?

Key metric: As 29M is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 29M. This is calculated by dividing 29M's market cap by their current revenue.
What is 29M's PS Ratio?
PS Ratio1x
SalesAU$579.03m
Market CapAU$562.25m

Price to Sales Ratio vs Peers

How does 29M's PS Ratio compare to its peers?

The above table shows the PS ratio for 29M vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average14.7x
GNG GR Engineering Services
1.3x4.86%AU$643.7m
AMI Aurelia Metals
1.3x12.76%AU$457.0m
MLX Metals X
2.8x-6.45%AU$762.3m
JMS Jupiter Mines
53.1xn/aAU$501.0m
29M 29Metals
1x10.18%AU$562.2m

Price-To-Sales vs Peers: 29M is good value based on its Price-To-Sales Ratio (1x) compared to the peer average (14.7x).

Price to Sales Ratio vs Industry

How does 29M's PS Ratio compare vs other companies in the AU Metals and Mining Industry?

104 CompaniesPrice / SalesEstimated GrowthMarket Cap
Industry Avg.131.3x7.3%
29M 29Metals
 1x10.18%US$363.99m
BHP BHP Group
2.8x-0.20%US$143.33b
FMG Fortescue
2.6x-1.63%US$40.17b
29M 1.0xIndustry Avg. 131.3xNo. of Companies104PS020406080100+
104 CompaniesEstimated GrowthMarket Cap
Industry Avg.131.3x14.8%
29M 29Metals
 1x60.95%US$363.99m
No more companies

Price-To-Sales vs Industry: 29M is good value based on its Price-To-Sales Ratio (1x) compared to the Australian Metals and Mining industry average (136.6x).

Price to Sales Ratio vs Fair Ratio

What is 29M's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

29M PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1x
Fair PS Ratio1.3x

Price-To-Sales vs Fair Ratio: 29M is good value based on its Price-To-Sales Ratio (1x) compared to the estimated Fair Price-To-Sales Ratio (1.3x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 29M forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentAU$0.41
AU$0.34
-18.17%
24.47%AU$0.48AU$0.23n/a7
Oct ’26AU$0.42
AU$0.30
-28.51%
34.79%AU$0.50AU$0.16n/a7
Sep ’26AU$0.34
AU$0.28
-15.68%
24.03%AU$0.40AU$0.16n/a7
Aug ’26AU$0.28
AU$0.27
-4.10%
26.99%AU$0.40AU$0.16n/a8
Jul ’26AU$0.28
AU$0.23
-18.54%
45.31%AU$0.40AU$0.087n/a9
Jun ’26AU$0.20
AU$0.19
-2.67%
46.26%AU$0.32AU$0.089n/a9
May ’26AU$0.12
AU$0.20
+72.26%
44.46%AU$0.32AU$0.089n/a9
Apr ’26AU$0.15
AU$0.23
+48.79%
31.28%AU$0.32AU$0.13n/a9
Mar ’26AU$0.17
AU$0.24
+43.45%
31.13%AU$0.33AU$0.14n/a9
Feb ’26AU$0.23
AU$0.26
+10.32%
23.00%AU$0.32AU$0.14n/a9
Jan ’26AU$0.24
AU$0.31
+26.26%
22.73%AU$0.46AU$0.22n/a8
Dec ’25AU$0.36
AU$0.46
+25.95%
28.36%AU$0.77AU$0.30n/a9
Nov ’25AU$0.41
AU$0.45
+7.92%
28.19%AU$0.75AU$0.29n/a9
Oct ’25AU$0.51
AU$0.44
-13.06%
30.58%AU$0.74AU$0.29AU$0.429
Sep ’25AU$0.38
AU$0.45
+20.25%
29.40%AU$0.75AU$0.32AU$0.349
Aug ’25AU$0.41
AU$0.47
+13.90%
27.90%AU$0.76AU$0.34AU$0.289
Jul ’25AU$0.43
AU$0.49
+13.97%
27.19%AU$0.75AU$0.28AU$0.289
Jun ’25AU$0.54
AU$0.48
-10.95%
27.68%AU$0.75AU$0.28AU$0.209
May ’25AU$0.51
AU$0.43
-16.62%
24.36%AU$0.55AU$0.26AU$0.129
Apr ’25AU$0.38
AU$0.43
+13.79%
28.76%AU$0.60AU$0.25AU$0.159
Mar ’25AU$0.35
AU$0.46
+28.98%
36.24%AU$0.71AU$0.20AU$0.1710
Feb ’25AU$0.29
AU$0.59
+102.87%
24.39%AU$0.79AU$0.35AU$0.2310
Jan ’25AU$0.65
AU$0.71
+10.09%
13.61%AU$0.84AU$0.55AU$0.2411
Dec ’24AU$0.48
AU$0.72
+48.34%
14.53%AU$0.86AU$0.55AU$0.3611
Nov ’24AU$0.59
AU$0.76
+27.67%
12.18%AU$0.90AU$0.57AU$0.4111
Oct ’24AU$0.69
AU$0.75
+8.60%
10.73%AU$0.86AU$0.61AU$0.5110
AU$0.34
Fair Value
22.2% overvalued intrinsic discount
7
Number of Analysts

Analyst Forecast: Target price is lower than the current share price.

Discover undervalued companies

7D

1Y

7D

1Y

7D

1Y

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/10/17 09:18
End of Day Share Price 2025/10/17 00:00
Earnings2025/06/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

29Metals Limited is covered by 21 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Benjamin BrayshawBarrenjoey Markets Pty Limited
Daniel MorganBarrenjoey Markets Pty Limited
Mollie UrquhartBarrenjoey Markets Pty Limited