Report published August 27, 2026
Boss Energy (ASX: BOE): Goldman Sachs Report on Honeymoon Feasibility & Growth Outlook
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- August 27, 2026
- Analysis as of
- August 27, 2026
Authors / editors: Hugo Nicolaci, Paul Young, Marcus Dosanjh
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Goldman Sachs maintains a Neutral rating on Boss Energy (12m PT unchanged at A$1.30/sh) following FY26 results and the New Honeymoon Feasibility Study. While the new mine plan outlines higher long-term production and lower cash costs, increased sustaining capex requirements leave overall free cash flow expectations unchanged.
Key Takeaways
- 1.Boss Energy delivered nominally in-line FY26 financial results, closing the year with A$207mn in cash and liquid assets (net cash ~A$50mn).
- 2.The New Honeymoon Feasibility Study indicates higher long-term production and lower unit cash costs from wider well spacing, but elevated sustaining capex increases AISC, leaving FCF estimates relatively unchanged.
- 3.FY27 production guidance of 1.25–1.30 Mlbs at cash costs of US$35–39/lb missed prior expectations due to transitional wellfield design, but production is forecast to ramp to steady state of 1.9 Mlbs from FY30.
Table of Contents
- New feasibility study vs. prior expectations
- Group level charts
- Key result takeaways
- Investment Thesis
- EPS and NAV changes, key investment risks
- Disclosure Appendix
Report data
Exhibit 21: BOE FY27 operating guidance vs. GSe & consensus — as of August 27, 2026.
| Metric | Estimate | Context |
|---|---|---|
| 12-month Price Target | 1.3 A$/sh | Based on a 50:50 blend of NAV (A$1.32/sh) and 5.0x EV/EBITDA. |
| Net Asset Value (NAV) | 1.32 A$/sh | Down 2% to A$1.32/sh from A$1.34/sh. |
| FY27 Production Guidance (Honeymoon) | 1.25-1.30 Mlbs | Guidance below prior expectations as FY27 serves as a wellfield transition year. |
| FY27 Unit Cash Costs Guidance (Honeymoon) | 35-39 US$/lb | Higher cash costs driven by lower production and lower uranium grades. |
| Long-Term Uranium Price Assumption | 105.0 US$/lb | Base commodity price assumption for valuation. |
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Authors / Editors
Reported Data Context
- 12-month Price Target: 1.3 A$/sh (12M forward) · Source: Goldman Sachs Global Investment Research
- Net Asset Value (NAV): 1.32 A$/sh (Current) · Source: Goldman Sachs Global Investment Research
- FY27 Production Guidance (Honeymoon): 1.25-1.30 Mlbs (FY27) · Source: Company data
- FY27 Unit Cash Costs Guidance (Honeymoon): 35-39 US$/lb (FY27) · Source: Company data
- Long-Term Uranium Price Assumption: 105.0 US$/lb (Long-term real 2026) · Source: Goldman Sachs Global Investment Research
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