Kenmare Resources (KMR) AI Stock Analysis

• Market Cap: £234.35M
• Dividend Yield: 6.57%
• Average Volume (3M): 121.78K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.56
• Revenue Growth: 6.65%
• EPS Growth: -159.09%
• Country: UK
• Employees: 1,761
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): -0.82
• Shares Outstanding: 89,228,165
• 10 Day Avg. Volume: 189,872
• 30 Day Avg. Volume: 121,778
• PEG Ratio: -0.11
• Price to Book (P/B): 0.31
• Price to Sales (P/S): 0.86
• P/FCF Ratio: 49.04
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: £430.00
• Price Target Upside: 58.67% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2

• Rating: 61 Neutral
• Price Target: 322.00p ▲(18.82% Upside)

Kenmare Resources' overall stock score is primarily influenced by its mixed financial performance and bearish technical indicators. The company's strong equity position is overshadowed by declining revenues and profitability, along with significant cash flow challenges. The technical analysis suggests a bearish trend, and the valuation is impacted by a negative P/E ratio, although the high dividend yield provides some offsetting value.

Kenmare Resources Business Overview & Revenue Model

Company Description

Kenmare Resources (KMR) is an established mining company headquartered in Ireland, primarily engaged in the exploration and production of mineral sands. The company operates in the mining sector, focusing on extracting valuable minerals such as ilmenite, zircon, and rutile from its flagship Moma Mine located in Mozambique. Kenmare Resources is dedicated to sustainable practices and aims to be a leading player in the mineral sands market, supplying essential materials for various industries, including construction, manufacturing, and technology.

How the Company Makes Money

Kenmare Resources generates revenue primarily through the sale of mineral sands, specifically ilmenite, zircon, and rutile. These products are sold to a diverse customer base, including manufacturers of titanium dioxide pigments, ceramics, and other industrial applications. The company benefits from long-term contracts and spot market sales, which provide flexibility in pricing and volume. Additionally, Kenmare has established strategic partnerships with key players in the mineral processing industry, enhancing its market reach and stability. Factors contributing to its earnings include global demand for titanium dioxide, fluctuations in commodity prices, and operational efficiencies that reduce production costs.

Kenmare Resources Financial Statement Overview

Summary

Kenmare Resources shows a mixed financial performance with strong equity and leverage positions but faces declining revenue and profitability margins. Significant challenges in cash flow generation are evident, despite a robust operating cash flow to net income ratio.

Income Statement

The company exhibited declining revenues over the last three years, with a 9.53% decrease from 2022 to 2023 and a further 9.54% decrease from 2023 to 2024. Gross profit margin has decreased from 46.27% in 2022 to 22.99% in 2024, indicating increased cost efficiency challenges. The net profit margin also declined from 39.18% in 2022 to 15.65% in 2024, suggesting reduced profitability. Despite these challenges, Kenmare Resources maintains a reasonable EBIT margin of 21.51% in 2024.

Balance Sheet

Kenmare Resources holds a strong equity position with an equity ratio of 88.68% in 2024. The debt-to-equity ratio is low at 0.07, indicating prudent leverage management. However, the return on equity has decreased significantly from 18.67% in 2022 to 5.59% in 2024, reflecting declining efficiency in generating returns for shareholders.

Cash Flow

The company experienced a significant drop in free cash flow from 2022 to 2024, falling from €149.55 million to €7.24 million. The operating cash flow remains relatively stable, with a slight increase in 2024. However, the free cash flow to net income ratio dropped considerably, highlighting challenges in converting earnings into available cash. The operating cash flow to net income ratio is robust at 2.46 in 2024, which is a positive indicator of cash generation capability despite declining profits.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	417.32M	414.75M	458.48M	525.99M	455.94M	243.75M
Gross Profit	86.80M	95.38M	163.55M	243.29M	160.93M	64.64M
EBITDA	138.72M	154.75M	223.75M	296.42M	210.89M	75.31M
Net Income	-50.22M	64.89M	130.98M	206.03M	128.53M	16.74M
Balance Sheet
Total Assets	1.24B	1.31B	1.26B	1.25B	1.16B	1.14B
Cash, Cash Equivalents and Short-Term Investments	46.51M	56.68M	71.05M	108.27M	69.06M	87.24M
Total Debt	129.64M	79.25M	49.39M	80.36M	150.28M	149.16M
Total Liabilities	189.04M	148.24M	117.88M	145.29M	230.07M	242.26M
Stockholders Equity	1.05B	1.16B	1.14B	1.10B	930.64M	900.50M
Cash Flow
Free Cash Flow	-112.78M	7.24M	86.66M	149.55M	87.46M	-68.18M
Operating Cash Flow	105.68M	159.83M	153.19M	209.42M	147.81M	71.17M
Investing Cash Flow	-218.46M	-152.59M	-66.54M	-59.87M	-60.34M	-139.35M
Financing Cash Flow	99.00M	-21.60M	-123.88M	-109.73M	-100.97M	72.77M

Kenmare Resources Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 271.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:KMR, the sentiment is Negative. The current price of 271 is below the 20-day moving average (MA) of 283.15, below the 50-day MA of 299.94, and below the 200-day MA of 329.99, indicating a bearish trend. The MACD of -12.79 indicates Positive momentum. The RSI at 30.51 is Neutral, neither overbought nor oversold. The STOCH value of 15.51 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:KMR.

Kenmare Resources Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	―	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
JLP	―	£92.03M	―	―	―	―	―
KMR	―	£234.35M	―	-4.64%	6.57%	6.65%	-159.09%
ECOR	―	£240.32M	-10.22	-6.87%	2.02%	-63.09%	-253.25%
GFM	―	£335.68M	51.35	3.23%	―	-32.18%	-58.29%
SOLG	―	$527.89M	-18.90	-14.69%	―	―	41.51%

Kenmare Resources Corporate Events

Kenmare Resources Faces Production Challenges Amid Plant Upgrades

Kenmare Resources reported a challenging Q3 2025, with production impacted by the upgrade of its Wet Concentrator Plant A, leading to lower ilmenite output. Despite these challenges, the company remains on track to meet its 2025 production and cost guidance, although ilmenite production is expected to be at the lower end of the forecast. The global market conditions remain difficult, with one customer unable to take contracted volumes, but demand for zircon remains strong. The company is also focusing on extending its Implementation Agreement with the government and has increased security measures at the Moma mine following a theft incident.

The most recent analyst rating on (GB:KMR) stock is a Hold with a £333.00 price target. To see the full list of analyst forecasts on Kenmare Resources stock, see the GB:KMR Stock Forecast page.

Kenmare Resources Advances Wet Concentrator Plant A Upgrade

Kenmare Resources has successfully connected two new dredges and a new feed preparation unit to its Wet Concentrator Plant A (WCP A) at the Moma Titanium Minerals Mine, initiating the commissioning process. This upgrade is crucial for transitioning to the Nataka ore zone, which holds 70% of Moma’s Mineral Resources, ensuring production for over 20 years. The project, with a capital cost of $341 million, aims to manage higher slimes content and enhance mining rates, with full ramp-up expected by the end of 2025.

The most recent analyst rating on (GB:KMR) stock is a Hold with a £332.00 price target. To see the full list of analyst forecasts on Kenmare Resources stock, see the GB:KMR Stock Forecast page.

Kenmare Resources Reports Fatal Incident at Moma Mine

Kenmare Resources reported a tragic incident at its Moma Titanium Minerals Mine in Mozambique, where a police officer was fatally assaulted during a theft at the mine’s water pump station. The company is cooperating with local authorities in the investigation and is enhancing security measures at the site. This incident underscores the challenges of maintaining safety and security in resource extraction operations, impacting both the company’s operations and its commitment to safety.

The most recent analyst rating on (GB:KMR) stock is a Hold with a £325.00 price target. To see the full list of analyst forecasts on Kenmare Resources stock, see the GB:KMR Stock Forecast page.

Kenmare Resources Advances Wet Concentrator Plant A Upgrade

Kenmare Resources has initiated an upgrade of its Wet Concentrator Plant A (WCP A) at the Moma Titanium Minerals Mine in Mozambique. This upgrade involves connecting new dredges and a feed preparation unit to facilitate mining in the Nataka ore zone, which holds 70% of Moma’s mineral resources. The project, with a capital cost of $341 million, aims to secure long-term production and improve mining rates by managing higher slime levels in the ore. Production has paused for three to four weeks to complete the upgrade, but the company remains on track to meet its 2025 production and cost guidance.

The most recent analyst rating on (GB:KMR) stock is a Hold with a £370.00 price target. To see the full list of analyst forecasts on Kenmare Resources stock, see the GB:KMR Stock Forecast page.

Kenmare Resources Reports H1 2025 Financials and Interim Dividend

Kenmare Resources reported a mineral product revenue of $159.6 million for the first half of 2025, with an adjusted EBITDA of $47.2 million. Despite a non-cash impairment loss of over $100 million due to revised pricing assumptions, the company remains on track to meet its production and cost guidance for the year. The interim dividend is set at USc10 per share, and Kenmare is exploring additional shipping capacity to boost shipments in the second half. While negotiations with the Mozambique government on the Moma Implementation Agreement continue, the company is prepared to protect its contractual rights if necessary.

The most recent analyst rating on (GB:KMR) stock is a Buy with a £377.00 price target. To see the full list of analyst forecasts on Kenmare Resources stock, see the GB:KMR Stock Forecast page.

Kenmare Resources Engages in Renewal Talks with Mozambique Government

Kenmare Resources is currently in discussions with the Government of Mozambique regarding the renewal of key rights and concessions under the Moma Implementation Agreement. Despite ongoing negotiations, operations at the Moma mine remain unaffected, and the company assures stakeholders that existing rights and benefits continue to be in effect until the extension process is concluded.

The most recent analyst rating on (GB:KMR) stock is a Buy with a £580.00 price target. To see the full list of analyst forecasts on Kenmare Resources stock, see the GB:KMR Stock Forecast page.

Kenmare Resources Advances Moma Mine Upgrade with New Dredge Arrival

Kenmare Resources announced the safe arrival of the second high-capacity dredge at the Moma Mine, marking a significant milestone in the upgrade of their Wet Concentrator Plant A. This development is part of a strategic project to enhance the company’s mining operations, with the connection of the new dredges and feed preparation module scheduled to begin later this quarter, signaling progress in de-risking the project and potentially strengthening Kenmare’s position in the global titanium minerals market.

The most recent analyst rating on (GB:KMR) stock is a Buy with a £580.00 price target. To see the full list of analyst forecasts on Kenmare Resources stock, see the GB:KMR Stock Forecast page.