Equity Analysis /
Australia

AU : Genex Power - Coffee is for closers so come get a cup

    Max Vickerson
    Max Vickerson

    Research Analyst

    CGS-CIMB
    18 April 2021
    Published by

    GNX is raising $115m in new equity to be ready to reach financial close on the Kidston Hydro project (K2-H). The additional cash raised allows GNX to reach financial close without needing a JV partner. We increase our base case valuation to 34cps (+6%) on updated K2-H modelling including the 100% ownership stake and additional equity. We upgrade our rating to ADD given our price target (70% upside) and the funding of K2-H being secured following the capital raise.